Thai Crypto Exchange Bitkub Gets Notice to Improve Services


Bitkub, the largest cryptocurrency exchange in Thailand, has temporarily suspended its services on the desktop platform on Tuesday after receiving a notice from the country’s financial regulator to fix the frequent outage issues, Bangkok Post reported.

Additionally, trading services on Bitkub’s mobile platform was unavailable for 16 hours before it went online again.

Thailand’s Securities and Exchange Commission (SEC) oversees the digital currency exchanges operating in the country through its licensing scheme.

It slapped a notice on the leading local crypto exchange as it faced three outages only in January with the skyrocketing demand for cryptocurrencies.

Exchanges Struggling to Handle the Volume

Bitkub is the largest cryptocurrency exchange in the country, handling over 90 percent of activity. The daily trading volume on the exchange spiked 1 to 2 billion baht from the previous 200 to 300 million baht levels.

According to a cited anonymous source, the exchange has around 300,000 to 400,000 client accounts, much less than the official reported number. This means a majority of Bitkub clients are yet to complete their account verification, the report outlined.

Suggested articles

What Does 2021 Hold for the Markets? HYCM CEO SpeaksGo to article >>

The notice from the market watchdog wanted the crypto exchange to fix all the issues within 5 days. 

It ordered the exchange to modify trading and KYC systems to handle the traffic surge, a revision of the customer acceptance policy, modification of the business community plans in case of a trading system failure and improvement of the work mechanics of the trading system.

But, the abrupt shut down of the exchange’s services on Tuesday has alarmed its clients. Many are floating the theory that they might end up losing their deposits.

The worries are justified given the advance notification by the exchange for any scheduled maintenance sessions, which are expected to hamper the normal services.

This disruption might benefit other local competitors of Bitkub that might see a migration of existing Bitkub clients. Other prominent Thai crypto exchanges are SatangPro and Zipmex, but their offerings are not par with Bitkub. Though Binance offers services with Thai baht, it is only limited to its peer-to-peer platform.

Source link


  1. I intended to compose you a bit of note just to give many thanks once again for these beautiful thoughts you’ve shown in this article. It is pretty generous with you to allow unreservedly what many of us would’ve made available as an electronic book in making some profit on their own, notably now that you might have done it in case you considered necessary. The advice additionally worked to be the fantastic way to be sure that the rest have the same desire much like my personal own to know the truth more and more with regard to this condition. I think there are lots of more enjoyable occasions in the future for individuals who discover your blog.

  2. Hey very cool site!! Man .. Beautiful .. Amazing .. I’ll bookmark your site and take the feeds also…I am happy to find a lot of useful info here in the post, we need develop more techniques in this regard, thanks for sharing. . . . . .

  3. I’ve been absent for a while, but now I remember why I used to love this web site. Thanks, I?¦ll try and check back more frequently. How frequently you update your website?

  4. I’ve been browsing online more than three hours these days, but I by no means discovered any attention-grabbing article like yours. It¦s pretty value sufficient for me. Personally, if all site owners and bloggers made excellent content as you probably did, the net shall be much more useful than ever before.

  5. What i do not realize is actually how you are not actually much more well-liked than you might be right now. You’re very intelligent. You realize thus significantly relating to this subject, produced me personally consider it from so many varied angles. Its like men and women aren’t fascinated unless it is one thing to accomplish with Lady gaga! Your own stuffs outstanding. Always maintain it up!


Please enter your comment!
Please enter your name here