Earlier this year, Thailand’s biggest cryptocurrency exchange, Bitcoin Co, shut down for reasons we aren’t entirely clear on.
Many are wondering exactly why it shut down, with the company only stating it’s desire to “focus on other business opportunities” as a reason for doing so. However, according to The Bangkok Post, the Bitcoin trading price in Thailand is falling hard due to this crash, and experts are unsure if it will ever recover.
The publication reports that Bitcoin hit under 200,000 baht per Bitcoin at one of its lowest points recently. That’s not to mention other digital assets dropping up to 60% on top of this.
“The company will not seek to hold a Securities and Exchange Commission [SEC] licence for digital asset exchanges for 2020, and we ask all customers to withdraw their funds before Nov 1, 2019,” reported Bitcoin Co during the shutdown announcement. This has caused many investors in the country to sell off their altcoins into Bitcoin, which accounts for the drop of other cryptocurrencies.
As mentioned, due to nobody from the company coming out and saying anything regarding the shutdown, we may not receive an answer anytime soon. If they haven’t already, we shouldn’t expect something within a reasonable time frame.
Bitcoin Co. launched in 2013 and went until September 2019 before shutting down.