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   1065

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.

OKEx Ex-CEO to Intend to Raise $40M

Funds are needed for the new exchange called ACDX, which will offer  futures, options, revocable bear/bullish contracts and more
06 February 2020   559

Andy Cheung, who until recently was the operating director of the OKEx cryptocurrency exchange, will open a new derivative trading platform ACDX by the end of the first quarter, CoinDesk reports. The exchange will offer its clients futures, options, revocable bear / bullish contracts, debt contracts and fixed coupon notes.

One of our main goals for the exchange is to provide retail investors with ... structured products that are more commonly used by accredited crypto investors and wealth managers.

 

Andy Cheung

Former chief operating officer at OKEx

In the future, ACDX plans to reach a global level, but first of all it will gather a client base in Asia, using the connections of Cheung and partners in Hong Kong and China. In preparation for the launch, she intends to raise $ 40 million through the sale of tokens and shares in her business to crypto funds, private investment firms and family capital management companies in Europe and Asia. 

We have over $4 million so far and most of the money comes from our own funds. We are in talks with potential investors and likely to announce new investments in the next two months.

 

Andy Cheung

Former chief operating officer at OKEx

To date, ACDX has hired more than 25 employees, including eight developers who are preparing the trading platform for launch.