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.
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).