Bitcoin Co. Exchange to Cease Operation

Company is going to develop "other commercial opportunities" so after 30.09 transaction support stops
02 September 2019   463

One of Thailand's largest exchanges Bitcoin Co. Ltd. (BX.in.th) this Monday announced the impending exit from the business. According to a blog post on BX.in.th, the company will engage in the development of “other commercial opportunities,” which it refused to cite.

Starting September 6, users will no longer be able to make deposits, and after September 30, the exchange will stop servicing transactions. BX.in.th customers need to withdraw their funds to bank accounts or digital wallets no later than November 1. After this date, the website of the exchange will work exclusively for the connection of users with it.

The company also clarifies that it will not receive a virtual asset exchange license at the local Securities and Exchange Commission for 2020.

We thank our loyal customers for using our BX.in.th services over the past 5 years and trust you have been happy with the service provided. Please note that all fund are completely safe and all customers will receive 100% of their funds returned to them.
 

Bitcoin Co. Team

Against the background of today's announcement, the Bitcoin exchange rate on BX.in.th at a certain point fell to 199,999 baht, which corresponds to $ 6,500, whereas on most world exchanges this morning cryptocurrency is trading about $ 9,800.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   232

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.