The Securities and Change Fee of Thailand (SEC) issued an order towards an area cryptocurrency alternate to briefly cease its operations. Bitkub has been within the headlines for the reason that begin of the yr resulting from a number of outages suffered of their techniques.
Crypto Change Suffered Three Large Outages For the reason that Starting of 2021
In response to Bangkok Post, the monetary watchdog gave the alternate 5 days, beginning January 20, to unravel all of the technical points. Primarily, their desktop buying and selling platform suffered three outages since January 2.
The opposite incidents occurred on January 3 and 16, stated the native media outlet. One of many causes behind the rising variety of outages is the spike in crypto costs, particularly in bitcoin (BTC). In consequence, Bitkub couldn’t deal with buying and selling volumes, acknowledged a supply quoted by Bangkok Put up.
Nevertheless, after being inactive for 16 hours for the reason that SEC’s order to briefly shut down, Bitkub re-opened its cellular software platform for buying and selling functions. As of press time, Bitkub’s desktop platform stays with its operations halted.
After receiving “heavy complaints” from customers in regards to the fixed interruptions within the companies, the SEC reportedly selected asking the crypto alternate to close down.
The SEC’s board met on January 18 to debate passing a decision requiring Bitkub to submit the rectification plan and amending points.
Bitkub’s Crypto Market Share in Thailand
Bangkok Put up states that Bitkub is taken into account the most well-liked crypto alternate in Thailand. The truth is, they’ve a 97% share of the market primarily based on the quantity of accounts and day by day buying and selling.
The corporate reported on January 7 that they’ve about 800,000 energetic buying and selling accounts. Nevertheless, an nameless supply informed the media outlet there are simply 300,000 – 400,000 accounts. By quoting the individual accustomed to the matter, Bangkok Put up defined:
The discrepancy in figures suggests there are nonetheless loads of new accounts that haven’t but been verified by means of the know-your-customers (KYC) course of and are thus unable for use for buying and selling on the platform.
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