Thai crypto exchange Bitcoin Co. shutting down abruptly after 5 years of service

Bitcoin Co. Ltd. (BX.in.th), one of Thailand’s largest cryptocurrency exchanges, today abruptly announced that it is shutting down later this month.

The exchange said it wants to focus on “other business opportunities,” without giving any specific details. BX.in.th will disable all deposits after Sept. 6 and stop trading services after Sept. 30.

Customers, therefore, have been asked to withdraw any funds held at the exchange into their own bank accounts or digital wallets before Nov. 1.

Bitcoin Co. Ltd. further said that it will not be seeking to get a Digital Asset Exchange license from Thailand's securities regulator, the Securities and Exchange Commission (SEC), for the next year.

“We thank our loyal customers for using our BX.in.th services over the past 5 years [...] Please note that all fund[s] are completely safe and all customers will receive 100% of their funds returned to them,” the exchange concluded.

BX.in.th's recent 24-hour volume was valued at over $10 million, the majority in bitcoin, according to data provider CoinMarketCap.