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   581

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.

Bitfinex to Launch New Improved Fiat Deposit System

New system of deposists supports 4 popular currencies and requires KYC procedure completion
17 October 2018   114

Bitfinex Cryptocurrency Exchange has introduced a new system for fiat currencies deposits: the US dollar (USD), the British pound (GBP), the Japanese yen (JPY) and the euro (EUR). Now, the users who have completed the KYC procedure will create an application, indicating the deposit amount and currency, and the platform representatives will consider it within 48 hours.

Then, if approved, users will be sent the recipient's bank data, and the deposit itself will be credited to the account within 6-10 business days.

In this case, the minimum threshold of $ 10,000 was not abolished.

Earlier, Bitfinex had an anomalous growth of Bitcoin to the level of $ 7,788, which was associated with the possible collapse of Tether.

Nevertheless, the USDT price also stabilized, and representatives of the issuer said that the tokens were fully secured.