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Bitcoin Co. Ltd. (BX.in.th), a leading cryptocurrency exchange in Thailand, is shutting down its digital doors on all trading operations.
“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,” the exchange stated in an announcement on Sept. 2.
It further revealed that it will no longer seek to hold a Digital Asset Exchange license for next year. The five-year-old exchange has also asked all its clients to withdraw their funds before Nov. 1, 2019.
Regulated by the Thai Securities and Exchange Commission (SEC), Bitcoin Co., Ltd. has assured its customers that it will provide all the necessary support and guidance during the withdrawal process. It also expressed its thanks to its clients for loyalty over the years.
The exchange noted that all deposits will be disabled starting Sept. 6, and trading will be stopped after Sept. 30, 2019.
Launched in 2013, Bitcoin Co. Ltd. is one of the first cryptocurrency exchanges in the country, which started from small-scale trading to attaining zenith when the Bitcoin price peaked in 2017.
Meanwhile, fraudsters were also quick to prey on panicking traders following the sudden announcement of the exchange. The Thai SEC warned against a fake Facebook page claiming to be associated with Bitcoin Co. Ltd. It set up a special investor support team to accommodate the affected users.
