Thailand's leading cryptocurrency exchange Bitcoin Co. Ltd. (BX.in.th) is shutting down all its trading activities.
The stock exchange announced its decision to discontinue trading on September 2. The stock exchange's official website states:
"Bitcoin Co. Ltd. has decided to stop offering digital exchange and wallet services on our BX.in.th website to focus on other business opportunities."
Customers must withdraw their money before November 1, 2019.
The five-year-old stock exchange, which was regulated by the Thai Securities and Exchange Commission, will not seek to have a Digital Asset Exchange license for 2020 and therefore asked its customers to withdraw their funds before November 1
The Exchange has assured its users that support and guidance will be available during the withdrawal process and thank their customers for their loyalty over the last five years.
The website further stated that all deposits will be disabled after September 6 and trading will be stopped from September 30.
Thai Press for Innovation
Cointelegraph previously reported that while the Thai-based crypto exchange is the Department of Customs in Thailand, the intention is to use IBM's Tradelen's blockchain solution to track shipping in the country's ports.
Patama Chantaruck, Vice President of Indochina Enlargement and CEO of IBM Thailand, said at the time that IBM's TradeLens will provide the Thai Customs Department with an automatic and unchangeable tracking tool that will result in a more secure, transparent, efficient and easy workflow.