Thailand-based cryptocurrency exchange, BX Thailand have decided to shut the shop out of nowhere. The exchange in a post on their website announced that it would no longer function. The exchange was operated by Thai company, Bitcoin Co. Ltd and it’s been in the crypto business from the past 5 years.
The reason for this abrupt closing is that the exchange won’t be able to possess the SEC issued license for Digital Asset Exchange for the year 2020. They requested the users to withdraw all their investments before November 2019.
They further added that the exchange would no longer be available for trading, but they will continue to function post-November to address any issues faced by the users during the withdrawal or in any other way.
This news of shut down of the exchange created chaos in the market Bitcoin was sold for as low as 199,999 TBH, which is approximately $6,500. The price of Bitcoin at the time of trading was $9,774. Journalist Jon Russell backed up the announcement in a tweet:
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) 2 September 2019