Top Thai exchange BX suddenly shuts down

Thai cryptocurrency exchange BX has officially shut down with an announcement recommending that all customers withdraw funds from the site

Thailand’s leading cryptocurrency exchange BX has surprisingly discontinued trading for customers, according to an official announcement.

BX will halt all trading on September 30, with customers being urged to withdraw funds before November 1.

“This means that after September 30, all trading on will be stopped,” the statement reads.

“We ask that all customers withdraw any funds held at the 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 1.

“All deposits will be disabled after September 6.”

The motive behind the decision was attributed to the operating company wanting to “focus on other business opportunities”.

BX was regulated by the Thai SEC, which granted the firm one of only four legal licenses to run a cryptocurrency exchange in the country.

The closure is unfortunate for Thailand’s longest-running cryptocurrency exchange, which launched in 2014.

BX facilitates a daily trade volume of around $20 million with 27 active markets and trading pairs.

The statement concluded: “We thank our loyal customers for using our 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.”

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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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