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   787

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

Coinsquare to Acquire StellarX

StellarX team belives Coinsquare is a great fit and it will help to develop the exchange
15 February 2019   117

Coinsquare, the largest Canadian bitcoin exchange, has acquired the decentralized StellarX exchange. The deal became a natural continuation of the BlockEQ XLM purse purchase in December 2018.

The StellarX Exchange is built on the Stellar protocol and offers users peer-to-peer trading in a number of cryptocurrencies and even some fiat pairs.

Note that the site does not provide custodial services and does not have access to the means of users.

Coinsquare intends to request a license for StellarX from the regulators of Bermuda. The position of CEO of the platform will be taken by the head of BlockEQ, Megha Bambra.

From here, StellarX will continue along the roadmap we announced last Fall, led by a dedicated team at Coinsquare of developers and designers who will make StellarX into the product we know it can be. StellarX will continue to operate and grow under its own brand. [...] To fulfill its potential, StellarX needs a home with regulatory experience and with a full-scope plan to build around the app. Coinsquare is the perfect fit.
 

StellarX Team

At the beginning of last year, the Canadian stock exchange raised $ 30 million from Canaccord Genuity. In 2018, she entered the European market, and also planned expansion to Japan.