Bitkub submits improvement plans to Thai SEC and resumes trading

Regulation

Bitkub, Thailand’s largest cryptocurrency exchange, resumed its services on Jan. 23 following a brief period of shutdown enforced by the country’s Securities and Exchange Commission. 

The shutdown followed a number of brief service outages which occurred due to large spikes in traffic when the price of Bitcoin (BTC) broke 1 million Thai baht ($33,340) earlier this month. The psychologically significant figure brought a huge influx of new investors to the site, which struggled to cope with the volume.

The SEC ordered the exchange to cease activities and revise operational procedures to improve reliability, by a deadline of Jan. 23. Bitkub complied and sent its improvement plan to the regulator on Saturday morning, meaning that it could resume trading through the website.

The SEC is now reviewing the plan, which includes doubling the number of support staff, improving KFC verification protocols, and setting up a 100 million That baht ($3.3 million) customer protection reserve.

Bitkub had forecast a 600% growth in 2020, which actually ended up being as high as 1000%. Its forecast of 1000% growth for 2021 was broken within 7 days of the new year

Cryptocurrency trading has exploded in Thailand during the recent bull-market, with volumes across the six licensed exchanges in the country hitting 14.6 billion Thai baht ($487,000) for the period between Jan. 1 and Jan, 24.

This despite the fact that three of the exchanges only gained their licenses and started to trade over the last week. Of these, Upbit Thailand, backed by Upbit APAC and a group of Thai billionaires, must have been hoping that it could make more of Bitkub’s temporary suspension from the market.

Products You May Like

Articles You May Like

Russian Ruble Taps 7-Year High Against the US Dollar — Economist Says ‘Don’t Ignore the Exchange Rate’
dYdX moves to Cosmos-based blockchain for v4 to optimize decentralization and trading flow
Crypto Stories: YouTuber Paco de la India explains his travels using Bitcoin
Crypto brokerage FalconX raises $150M at $8B valuation
XRP price rally stalls near key level that last time triggered a 65% crash

Leave a Reply

Your email address will not be published.