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   978

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).

OKEx to Launch OKChain Based Decetralized Exchange

Great role in the upcoming exchange will be played by OKB coin, which will be trasfered to OKChain as soon as its development finished
22 March 2019   110

OKEx cryptocurrency exchange will launch a decentralized trading platform on its own blockchain.

Currently, the OKChain blockchain is in the final stages of development, and its test network may be launched as early as June 2019. When the OKEx blockchain becomes stable enough, it will transfer OKB to it, which will then perform the function of the native OKChain token and be used to pay commissions, as well as in its own decentralized network applications.

The primary purpose of OKChain is to launch the OKDEx decentralized exchange, where the OKB token will be used to participate in presales. In addition, project teams will use OKB tokens to pay the service fee to the super nodes of the network.

While the total volume of OKB emissions is 1 billion, 300 million tokens are in circulation today, and 700 million remain blocked. Of this number, 300 million OKB will be distributed to users through the loyalty program, and 400 million belong to the OK Blockchain Foundation and the exchange team. However, for a more efficient formation of the OKB ecosystem, the blocking period of these 700 million tokens will be extended from 2020 to 2022, writes OKEx.

In addition, OKB will be the only token to be accepted during the initial exchange offerings (IEO) on the OK Jumpstart platform, announced earlier this month. According to the company, it is currently negotiating with various projects and will soon announce the launch of the first IEO on OK Jumpstart, for which investors will be admitted who have passed personal verification and have OKB tokens in their accounts.