Despite promising market momentum, the current conditions remain problematic for Bitcoin service providers. In Thailand, one of the biggest services will shut down in a few weeks. Bitcoin Co. Ltd, also known as Bx.in.th, will not seek a renewal of its Digital Asset Exchange license. It is unclear why this decision was made all of a sudden, but it seems the team will not change its mind.
An odd Decision
It has been a tough period for Bitcoin enthusiasts since late 2017. Extensive market volatility has caused a lot of people to move away from cryptocurrency altogether. For service providers, there have been some noteworthy changes as well. A lot of companies simply cannot maintain their current business model for much longer. Bx.in.th is one of the latest companies to confirm major changes are coming to its platform.
On the website, a popup message informs users of this decision. It seems the company, which provides a Bitcoin exchange service between Thai Baht and BTC, will no longer provide this service following September 30. Until then, users can still enjoy the usual services without any issues. After that date, the platform will continue to exist, but only as a portal for account inquiries. Trading will no longer be a factor for this company, which is a rather strange decision altogether.
The Licensing Requirements
One of the main hurdles in Thailand comes in the form of obtaining an official Bitcoin exchange license. This license is issued by the local SEC and is known as the Digital Asset Exchange license. So far, Bx.in.th has had such a license for all intents and purposes. However, it is a piece of paper which needs to be “renewed” every single year a company aims to provide its services. For reasons unknown, the company will not seek active renewal of this license for 2020 or beyond.
The timing of this decision is rather interesting. Despite promising market momentum, the company deems now is the time to call it quits once and for all. After five years of providing Bitcoin services, the firm will seek out other pastures. The company confirms it will “focus on other business opportunities” although no further information has been provided at this time. It is very well possible this firm will exit the cryptocurrency industry altogether.
Cashing out and Alternatives
As is usually the case when a company announces such a drastic change, users have a time period to withdraw their account balance. In the case of Bx.in.th, the deadline to withdraw funds expires on November 1, 2019. After that date, users will need to contact the team directly to withdraw any funds. Given how there are at least eight weeks to move money off the platform, it seems unlikely any real issues will arise as a result.
Finding alternatives in Thailand may prove to be a challenge of sorts. More specifically, there are other service providers which allow customers to exchange between Thai Baht and Bitcoin at their convenience. That being said, other companies may decide to take a similar course of action in the long run. Until we know why this platform is taking such drastic measures, one has to consider others may follow suit fairly soon.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.