One of the largest Thai crypto exchanges leaves trading business

Posted 02 September, 2019

One of Thailand's largest exchanges Bitcoin Co. Ltd. (  a decision to close crypto exchange business. The official reason for the suspension of cryptocurrency activities is the development of other commercial projects. The announcement was released on the company's website on September 2.

According to the company, the clients of the exchange will no longer be able to make deposits beginning from September 6, while all transactions will be stopped by month's end. According to representatives of Bitcoin Co, user funds are completely safe and everyone will receive a 100% return on assets. Notably, the funds must be withdrawn or transferred to other bank accounts or wallets. 

The exchange also said that the company will not renew the license of virtual assets in the Securities and Exchange Commission (SEC) in 2020. Once the report about the shutdown appeared on the platform’s website, bitcoin price fell to THB 199,999 (about $6,500), so later the price stabilized and reached the level of THB 274,200 (about $8,998).

''We thank our loyal customers for using our services over the past 5 years and trust you have been happy with the service provided. Please note that all fund are completely safe and all customers will receive 100% of their funds returned to them.'' - concludes the exchange.

According to CoinMarketCap, the volume of trades on over the last day reached about $15 million with bitcoin-THB pair accounting for 70% of all transactions.

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02 September, 2019 17:04

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