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Thai Crypto Exchange Bitcoin Co shuts down

Thai Crypto Exchange Bitcoin Co shuts down

Thai Crypto Exchange Bitcoin Co shuts down abruptly. The exchange said it wants to focus on “other business opportunities,” without giving any specific details. 

September 2, 2019 | AtoZ Markets – One of the biggest cryptocurrency exchanges in Thailand, Bitcoin Co. Ltd. (BX.in.th) has announced Monday on its official website that it will shut down the company, terminating all crypto services at the end of September 2019.

Thai Crypto Exchange Bitcoin Co shuts down

Without giving any specific reason behind this abrupt decision, the company which was launched 5 years ago, said it would now focus on other business opportunities as it suspends trading and wallet services.

According to the official announcement, all deposits will be disabled after September 6. Therefore, customers have been urged to withdraw their funds held at the exchange into their own bank accounts or digital wallet on or before November 1. It will also discontinue deposits on the exchange on September 6. 

While the website will remain active after November 1, it will be used only for customers who need assistance in withdrawing their funds in the event of any problem. Furthermore,  the Thai crypto exchange detailed that it will not be seeking to renew its mandatory operational license from Thailand’s securities regulator, the Securities and Exchange Commission (SEC), for 2020.

“We thank our loyal customers for using our BX.in.th services over the past 5 years and trust you have been happy with the service provided. Please note that all fund[s] are completely safe and all customers will receive 100% of their funds returned to them,” the exchange concluded.

Fraudsters take advantage of Exchange closure announcement

The sudden announcement of Thai Crypto Exchange Bitcoin Co. closure created a situation of panic among the Thai traders and scammers quickly took advantage of it. According to a report in The Bangkok Post, the Thai SEC warned against a fake Facebook page claiming to be associated with the crypto exchange, trying to receive funds deposits from traders in response to the closure of the exchange.

Thailand’s SEC has, however, warned users to make sure they are in contact with the company from the official website while they work with the police to investigate this fake Facebook accounts.

Recently, AtoZMarkets also reported that  Prixbit, the South Korean cryptocurrency exchange has shut its doors to services related to cryptocurrencies due to financial distress.

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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