Thailand’s leading cryptocurrency exchange Bitcoin Co. Ltd. (BX.in.th) is closing down all of its trading operations.

The exchange announced its decision to discontinue trading on Sept. 2. The official website of the exchange states:

“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.”

Customers need to withdraw their funds before Nov. 1, 2019.

The five-year-old exchange, which was regulated by the Thai Securities and Exchange Commission, will not seek to hold a Digital Asset Exchange license for the year 2020 and has therefore asked its customers to withdraw their funds before Nov. 1, 2019.

The exchange has assured its users that support and guidance will be available during the fund withdrawal process and thanked its customers for their loyalty over the past five years.

The website further stated that all deposits will be disabled after Sept. 6 and trading will be halted as of Sept. 30.

Thailand’s push for innovation

Cointelegraph previously reported that while the Thai-based crypto exchange is closing its doors, the Customs Department in Thailand intends to use IBM’s Tradelens blockchain solution to track shipping in the country’s ports.

Patama Chantaruck, vice-president for Indochina expansion and managing director of IBM Thailand, said at the time that IBM’s TradeLens will provide the Thai Customs Department with an automatic and immutable tracking tool, which will lead to a more secure, transparent, efficient and simple workflow.