Bitcoin Co., a prominent cryptocurrency exchange in Thailand, has abruptly shut down after staying in service for almost five years. Today, the exchange affirmed that this is the time to focus on “other business opportunities” and decided to shut down the site.
Now, the clients of the company will have roughly a month before they are forced to stop using the products offered by the exchange. All deposits will be disabled after September 6, but trading services will continue until September 30. After that, the clients will still have a whole month before they need to withdraw their tokens from the wallets.
Any digital tokens that are still stored on the company’s platform by November 1 will be lost, so it is advised to withdraw them as soon as possible. After this, then the platform will be completely shut down and its site will be taken offline soon afterward.
According to the company, its services will cease, so it will not pursue a license from the local regulator anymore. The exchange emitted a note thanking the customers for sticking with it for over five years and reassured clients that their funds are safe and they will get them back.
This exchange was mostly focused on Bitcoin and had a 24-hour volume of over $10 million USD. No official reason was given as to why the company decided to stop being a part of the industry at this specific time.