On September 2, 2019, Bitcoin Co, one of the largest digital asset exchanges in Thailand announced that the company will cease its services, causing confusion and mild uncertainty among the crypto community.
After Bitcoin Co released a statement saying it will cease its services by the end of September, purportedly “to focus on other business opportunities”, crypto prices traded on its website (bx.in.th) saw sharp drops in response to the news while investors rushed to sell their assets.
The firm also disclosed it will not apply for a digital asset exchange license with the Securities and Exchange Commission in 2020, adding that all customers should withdraw their funds from the company by November 1, 2019.
However, Bitcoin Co did not provide any further insights into its decision to exit the market.
According to the Bangkok Post, Bitcoin Co was launched in 2013 and was one of the first digital asset exchanges in the country. Moreover, with the announcement of the Royal Decree on Digital Assets in 2018, Bitcoin Co was one of the first few exchanges to be approved by Thailand’s Ministry of Finance.
Experts in the market speculate that one of the reasons for its exit may have to do with strict regulations set by Thai government agencies as well as market saturation as more players enter the crypto market, driving up competition for exchanges.
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