Bitcoin Co., leader in cryptocurrency exchange in Thailand, announced the cessation of all its commercial operations on September 2. According to a statement posted on its BX.in.th website, Bitcoin Co. Ltd. will stop offering its wallet and digital exchange services to focus on other business opportunities.
The exchange asked its users to withdraw their funds before November 1, 2019, as they will not seek to have a digital asset exchange license for next year. Also, assured that it will provide advice during the fund withdrawal process, and thanked the loyalty of its clients during the five years of life of the platform.
Its website also informs that all deposits will be disabled as of September 6, and exchange operations will be suspended as of September 30.
Thailand’s push for innovation
Although Bitcoin Co. Ltd. is closing operations, according to information provided by Cointelegraph the Customs Department in Thailand it’s planning to use the IBM’s Tradelens blockchain solution as a tool for tracking shipments in the ports of this Asian country.
According to statements by Patama Chantaruck, Vice President of Indochina expansion and managing director of IBM Thailand, IBM’s Tradelens will provide the Thai Customs Department with an automatic tracking tool, which will offer a system with great security, transparency and efficiency.