• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Nexo

Thailand’s Top Crypto Exchange Closes its Doors Unexpectedly, Sells BTC For $9k

Martin Young by Martin Young
3 years ago
in News, Bitcoin, News teaser
0

Crypto traders and investors in Thailand woke up to an unpleasant surprise this morning as the Kingdom’s leading digital asset exchange announced that it was closing down.


Limited Options For Thai Crypto Traders

In an official announcement today, Thai SEC regulated BX crypto exchange stated that it would be discontinuing digital asset trading services at the end of the month. The surprise revelation offered little explanation other than the company, Bitcoin Co. Ltd, was ‘focusing on other business opportunities’.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The announcement on the platform’s web page continued stating that all deposits will be disabled after September 6 and trading will be halted as of September 30.

We ask that all customers withdrawal any funds held at the BX.in.th website into their own bank account or digital wallet. The company will not be seeking to hold an SEC issued Digital Asset Exchange license for the year 2020, and we ask all customers to withdraw their funds before November 1st, 2019.

BX was one of the few exchanges with a legal license to operate in Thailand. Only four were granted digital asset trading licenses by the SEC at the beginning of this year so regulatory concerns do not seem to have been behind the move.

Thailand’s military dominated government has not made any specific moves in recent months to crackdown on crypto asset trading and the country has been relatively open to the industry. There have been the usual warnings about scams from the central bank but nothing indicating that a wider crackdown is imminent.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

The announcement has sent local crypto traders on a hunt for an alternative platform. Bitkub, which is also registered with Thai regulators, appears to be the top choice as the site was overwhelmed with traffic today and unavailable at the time of writing.

crypto thailand

Scammers Waste No Time

Within hours of the initial announcement scammers had already put up a fake Facebook page impersonating the shuttered exchange. According to the Bangkok Post, the SEC has issued a warning to users about the fraudulent page which appeared less than two hours after the BX closure statement.

The report added that police were already investigating the fake Facebook account and that users need to be vigilant when transferring their assets off the exchange.

BX.in.th had been running for five years and was the Kingdom’s most popular crypto exchange with a daily volume of almost $17 million according to Coinmarketcap.com. Its closure is a severe blow to the industry in the Kingdom.

At the time of writing bitcoin was being sold at $9,000 (277,000 THB) on the exchange, 8% cheaper than on global markets.

What do you make of the Thai exchange closing its doors? Let us know your thoughts in the comment section below!


Images via Shutterstock

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Martin Young

Martin Young

Martin has been writing on technology for 15 years, he has a keen eye for emerging cryptocurrency news, blockchain developments, and market sentiment.

Related Posts

bitcoin BTC Stellar XLM

Why Mercado Bitcoin and Stellar Will Explore A Brazilian CBDC

4 hours ago
NFT

NFT Project Milady’s Charlotte Fang Accused Of Racism And Homophobia

12 hours ago
Follow The Money screenshot

Let’s Dissect The “Follow The Money #1” Documentary, Pt. 1- Salvadoran Confusion

14 hours ago
Magic Johnson

Magic Johnson Unveils NFTs Showcasing The Basketball Legend’s Iconic Moments

15 hours ago
Peter McCormack screenshot

Wright Vs. McCormack, The Bitcoin Trial Of The Year Began In London

19 hours ago
Bitcoin BTC BTCUSD

Rich Dad Author Recommends Bunkering Down With Food, Guns, And Bitcoin

1 day ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.