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Crypto Traders Panic as Thai Exchange “Bitcoin Co.” Announces Business Closure

Popular Thailand-base crypto exchange, Bitcoin Co. Ltd. (BX.in.th), has stated that it will be terminating its crypto trading service on September 30, 2019.

According to an official announcement by the firm today, the exchange noted it would be focusing on “other business opportunities,” but did not give a specific reason why it would be terminating its digital assets trading service.

Per the official announcement, all deposits on the exchange will be halted from September 6. In light of this, traders on the platform are urged to withdraw their funds still held at the exchange into their bank accounts or a third-party crypto wallet before November 1.

However, customers have been assured by the exchange that all their funds are safe. The firm has created a support desk to handle any withdrawal challenge customers might encounter while withdrawing their funds.

In what is considered as a valedictory speech by the exchange, Bitcoin Co. stated:

We thank our loyal customers for using our BX.in.th services over the past five years and trust you have been happy with the service provided. Please note that all funds are completely safe and all customers will receive 100% of their funds returned to them.

BX.in.th further stated that it would not seek to re-apply for a Digital Asset Exchange license from Thailand’s Securities and Exchange Commission (SEC), to operate a cryptocurrency trading platform, for the next year.

“The company will not be seeking to hold an SEC issued Digital Asset Exchange license for the year 2020,” part of the post reads.

Reacting to the announcement, the exchange’s decision to discontinue crypto service created tension among Thai customers, with many customers seeking to withdraw their funds.

As at press time, the massive withdrawal of Bitcoin from the exchange, forced the price of the popular crypto to trade at THB 200,000 (appr. $6,500) on BX.in.th  while trading at $9,819 on other exchanges.

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