The firm did not indicate any purpose behind the shutter; however, it did mention that the firm will concentrate on “different business openings.”
“Bitcoin Co. Ltd. has decided to discontinue offering digital exchange services and wallet services at our BX.in.th website in order to focus on other business opportunities.”
Thailand based columnist Jon Russel tweeted the following:-
Bitcoin was sold on BX for as low as $6,500 (200K THB) following the announcement — that's a steep discount on the current price of $9,760, although prices have risen since then Right now, BTC trading for around 270K, which is roughly $8,800 pic.twitter.com/M3tMU6vd4i — Jon Russell (@jonrussell) September 2, 2019
The exchange is regulated by Thai Securities and Exchange Commission. The exchange said that Digital Asset Exchange License will not be pursued for the year 2020. Customers have to withdraw their funds by November 1st.
However, assistance will be provided to the customers at the time of fund withdrawal. Deposits will be disabled by 6th September and trading will be completely stopped by September 30th.
Thailand’s crypto exchange will come to a halt, although thai’s customs agency intends to use blockchain-based shipping system.
“TradeLens will provide the Thai Customs Department with an automatic and immutable tracking tool, which will lead to a more secure, transparent, efficient and simpler workflow, with near real-time information sharing from a diverse network of ecosystem members.” Patama Chantaruck, vice-president for Indochina expansion and managing director of IBM Thailand
The move aims in developing Thailand 4.0 an economic model to face economic challenges in the country and push for innovation and development.