Earlier today, prominent Thailand-based cryptocurrency exchange BX Thailand, abruptly announced that it would no longer function. The exchange was operated by Thai company, Bitcoin Co.Ltd and has been functioning for the last five years.

The exchange’s website further revealed that it would not possess an SEC issued Digital Asset Exchange license for the next year that is 2020. The Thai based exchange urged users to withdraw all their holdings before the beginning of November 2019. However, the exchange will continue to function post-November only to address potential issues faced by the users.

Furthermore, trading activities on the exchange will no longer be available after 30 September 2019 and all kinds of deposits will be incapacitated by this week.

The exchange expressed their gratitude towards its customers and offered them any sort of support required during the withdrawal of funds. The exchange also stated the reason for shutting down the exchange. The announcement read,

“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.”

Bitcoin was sold for as low as 199,999 TBH which is approximately 6,500 USD whereas, Bitcoin was valued at 9,774 USD. However, at the time of writing the prices seemed to have surged as Bitcoin was trading at 280,000 TBH which is approximately 9,100 USD. Journalist Jon Russell also confirmed the news via a tweet:



