Crypto trading is an industry that’s really starting to take off, but regulators are slowly making it harder for exchanges to remain open. The latest exchange to announce that it’s shutting down for good is the popular Bx.in.th – one of Thailand’s most popular crypto exchanges. Starting from September 6, depositing will be disabled, with trading ending at midnight on September 30. It’s a sad day for crypto trading in Thailand, but as regulators ramp up legal requirements and licensing fees, it becomes harder and harder for these small margin exchanges to remain profitable.
R.I.P Bitcoin Co LTD
Unlike many other exchanges, regulators haven’t forced the exchanges to shut down, nor has it suffered a devastating hack that drained the company’s funds. It appears as if the cost of obtaining an SEC issued Digital Asset Exchange license for the year 2020 is just too much for the exchange. As of November 1, the website will be active, but only for customers to contact the exchange over any outstanding issues. In its notice to customers, Bitcoin Co LTD closed off by saying:
We thank our loyal customers for using our BX.in.th services over the past 5 years and trust you have been happy with the service provided.
US Users Providing Solutions
Not all exchanges will be around forever, and US-based Binance users are starting to feel that pain. Starting from September 12, US-based Binance users will have to trade elsewhere as Binance Global cuts off its US users. Binance is working on a new Binance US exchange, but it’s still several months out. In a bid to carry on trading, these US users are weighing up the pros and cons of other exchanges – a debate that Bx.in.th might find useful. So far, KuCoin stands out as the prime option thanks to having BNB pairings, giving the same Binance feel that traders know and love.
Thankfully, It’s a Peaceful Demise
Sadly, over the years we’ve seen crypto exchanges vanish into the ether, taking user funds along with it. In July, Bitsane decided it had made enough money and it was time to shut down. However, rather than going out peacefully like Bx.in.th, Bitsane pulled an exit scam, taking the money of 246,000 users along with it. We’ve seen numerous crypto exchanges pull this same stunt over the years, and it leaves nothing but pain in the industry.
As sad as it is to see Bx.in.th close its doors, it will forever be remembered and loved by crypto traders from Thailand.
Thank you for the five years of fun and exciting crypto trading that you’ve given the world!