Thai Crypto Exchange Bitcoin Co. Ltd. to Shut Down Operations

Thailand’s top crypto exchange Bitcoin Co. Ltd. is shutting down its entire trading operations.

The exchange revealed its choice to cease trading on September 2. The exchange’s official site says:

“Bitcoin Co. Ltd. has decided to discontinue offering digital exchange services and wallet services at our website in order to focus on other business opportunities.”

The five-year-old exchange, which was controlled by the Thai Securities and Exchange Commission, will not look to hold a Digital Asset Exchange permit for the year 2020 and has hence requested its clients to withdraw their funds before November 1.

The exchange has guaranteed its clients that support and direction will be accessible amid the finance withdrawal process and expressed gratitude toward its clients for their loyalty over the past five years.

The site further expressed that all deposits will be debilitated after September 6 and trading will be stopped as of September 30.

It was previously reported that while the Thai-based crypto exchange is shutting its doors, the Customs Department in Thailand aims to utilize IBM’s Tradelens blockchain solution to track shipping in the country’s ports.

The vice-president for Indochina development and managing director of IBM Thailand, Patama Chantaruck, stated at the time that IBM’s TradeLens would give the Thai Customs Department with a programmed and immutable tracking tool, which can lead to a more secure, transparent, proficient and straightforward workflow.