The largest BTC exchange in Thailand announced the closure

by in Cryptocurrency News

The largest BTC exchange in Thailand announced the closure

Thailand's leading crypto exchange Bitcoin Co. Ltd. ( announced that it will cease all operations on September 30th. Users must withdraw all funds by November 1.

So, the exchange is not going to renew the license for providing trade in digital assets from the local Securities and Exchange Commission for 2020. Deposits will be stopped on September 6th.

Representatives of the crypto company thanked the loyal users for five years of work, stressing that all the funds are completely safe, but still did not disclose the reasons for closing the business.

Related: Thailand will integrate blockchain into E-Visa system

Interestingly, at the moment, the region is actively promoting another site BitKub. ForkLog sources say that the real reason for the closure of could be pressure from regulators with the assistance of a new player.

Recall that at the end of last year it became known that the South Korean Upbit also intends to enter the Thai market.