Thailand banks close the accounts of local cryptocurrency exchanges TDAX

Thailand banks close the accounts of local cryptocurrency exchanges TDAX

The largest Thai financial institution Krungthai Bank closed the accounts of a local cryptocurrency exchange Digital Asset Exchange (TDAX). The Bank became the second in Thailand who have stopped transactions associated with crypto-currencies through Bank accounts of this exchange.

The first financial institution to cease cooperation with the TDAX last week was Bangkok Bank. This happened once in mid-February, the Central Bank of Thailand issued a circular asking financial institutions to refrain from participating in cryptocurrency trading.

Secretary, Ministry of Finance and Chairman of Krungthai Bank, Mr. Somchai Sujjapongse reported that:

“This step came after the Central Bank of Thailand has warned of the dangers of cooperation with cryptocurrency services because the regulatory framework that controls the digital currency, remains unclear”.

Came under attack another cryptocurrency exchange

TDAX is a private Thai cryptocurrency exchange and still have Bank accounts in other financial institutions: Kasikornbank (Kbank) and Siam Commercial Bank (SCB). Last week, Kbank has confirmed that it still provides services to this market.

According to the Bangkok Post, a source from another large local cryptocurrency exchange (BX) argues that “Bangkok Bank has closed the accounts of the exchange, but did not specify what day it happened.” Utility Rotuarri, founder and Executive Director of Crypto Trading Co Ltd, said:”the trading Volume of BX is more than ten times higher than in the TDAX”.

ICO pending

TDAX is also preparing to launch some ICO. However, events prompted the exchange to announce her plans for the ICO are deposited.

The exchange recently completed ICO for the coin Jfin J Ventures, a subsidiary of Jay Mart Plc, which is listed on the Thai stock exchange. 100 million tokens were sold at a price of 6.60 baht per token. The decision TDAX about ICO will not affect the coin Jfin. Mr. Paramin Ince, CEO and founder TDAX, said:

“Despite the fact that currently there is a queue five or six ICO, the exchange has decided to impose a two-week postponement because market participants expect that the Commission on securities and exchange Commission of Thailand (SEC) will soon introduce a regulatory framework ICO … We are waiting for regulations ICO”.

The Thai government is in the process of creating a regulatory framework for cryptocurrencies and it is expected that legislation will be presented March 8.

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