Thai Bank Closes Account of Local Crypto Exchange

Another bank in Thailand is terminating crypto transactions of a local crypto exchange TDAX
27 February 2018   643

The state-owned Krungthai Bank shut down bank account of a cryptocurrency exchange. This is the second bank which is terminating crypto transactions of Thai Digital Asset Exchange (TDAX). The first was Bangkok Bank, which decided to terminate TDAX’s accounts with the bank last week.

According to Somchai Sujjapongse,  the permanent secretary of the Finance Ministry and chairman of Krungthai Bank, on Monday he personally ordered bank to terminate any transactions related to cryptocurrencies with TDAX through the bank’s accounts.

The move followed a Bank of Thailand request that financial institutions cooperate by refraining from making or being involved in cryptocurrency transactions, as the regulatory framework supervising digital currencies remains unclear.

Somchai Sujjapongse

The chairman of Krungthai Bank

At the moment, TDAX still has bank accounts with two other financial institutions: Kasikornbank (Kbank) and Siam Commercial Bank (SCB).

Bitfinex to Launch New Improved Fiat Deposit System

New system of deposists supports 4 popular currencies and requires KYC procedure completion
17 October 2018   93

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.