TDAX Bank Account Terminated

This situation is caused by an announcement by the central bank prohibiting financial institutions from five cryptocurrency-related activities
26 February 2018   117

Bangkok Bank has become “become the first domestic financial institution to halt transactions involving trading of cryptocurrencies," reports.

The decision of the bank concerned a large exchange Thai Digital Asset Exchange (TDAX), "on the grounds that TDAX’s business operations are not in accordance with its business purpose registered with the Commerce Ministry".

TDAX is a Thai exchange with a charter capital of $ 175,000. According to the CEO of Poramine Insom, in the near future the company is going to increase its authorized capital, which will allow it to “plans to increase capital soon in order to apply for an initial coin offering (ICO) licence with the [Thai] Securities and Exchange Commission."

The bank called and asked whether there was an operating licence for proof, but I answered that this business was not under legal jurisdiction, so the bank said it would terminate the company’s bank account, as this business had no licence.

Poramin Insom

CEO, Bangkok Bank

 Last week, the Bank of Thailand issued a statement in which it ordered the country's banks not to participate in certain types of activities related to cryptocurrencies, however, the servicing of accounts of exchanges does not apply to them. Meanwhile, the government continues to develop regulatory and legal acts to regulate this market. It is expected that they will be submitted before the end of this month.

Despite the closure of the bank account, trading on the TDAX platform is in the normal mode, says Insom.

Web Traffic for Major Exchanges to Decrease Double

Estimates of the total number of visits to the trading sites based on web traffic show a sharp decline
23 March 2018   63

After the peak of attendance of crypto exchanges, which occurred in December-January, in February, users began to visit them twice more rarely. The same level of attendance was observed in November 2017. This is reported by with reference to the data of the Similarweb service.

So, if in December, 169.5 million visits were recorded at the Coinbase, and in January -123.5 million, in February their number fell by 49% to 63.1 million.

Coinbase Traffic
Coinbase Traffic

The indicator of Binance sank by 54%: from 191.5 million to 87.3 million visits.

Binance Traffic
Binance Traffic

Bitfinex had a 48% decrease from 35.4 million in January to 18.1 million in February, although back in December the exchange had 59.3 million user visits.

Bitfinex Traffic
Bitfinex Traffic

Kraken lost more than a half of its traffic for one month - 31.7 million visits in January dropped 13.8 million in February.

Kraken Traffic
Kraken Traffic

According to experts, the decrease in attendance is due to a decline in activity in the crypto-currency market in early 2018. In addition, traffic data on exchange sites may be associated with a general decrease in the number of transactions in the bitcoin network.