A favorable time has begun for cryptocurrency exchange market as it is not only surging but also expanding in various sectors of the economy. However, according to the recent news report, the Thai crypto exchange is facing difficulties as it has come under the scanner.
The Thai Securities and Exchange Commission (SEC) has rejected the application of Coin Asset Co. Ltd. to operate a crypto exchange. The SEC has notified the company of its rejection and ordered it to cease operations by Jan. 21. The exchange company which has been ordered to shut down its business is determined to remain operational.
The finance ministry has allotted the time to ensure proper proceeding of all the matters including notification to the clients regarding asset refunding to other digital asset operators according to the clients’ order, the SEC emphasized. Coin Asset’s new chief strategy officer Arnon Saksri feels that the cryptocurrency exchange market must be regulated rather than shutting them down.
While the securities have notified the company of its rejection, the owners are firmed on keeping their business running despite all hurdles. Yamdee said his company will meet with the SEC on Friday to discuss continuing crypto operations. The news outlet further quoted him as saying: ‘We are seeking a way to keep our digital asset exchange operating as the business cycle is moving towards a peak…We are unable to endure such as long processing time. The business cycle is on the rise and there are costs for conducting daily business. It is not easy to maintain customer loyalty”, as reported on Bitcoin News.
While the Thai exchange market is struggling to remain operational. Whereas the major cryptocurrency exchange firm Binance is expanding to European markets with the launching of a new platform for fiat-to-cryptocurrency trading. According to the release, Binance is launching a new trading platform Binance Jersey designed for fiat-to-crypto trading of the euro (EUR) and British pound (GBP) with Bitcoin (BTC) and Ethereum (ETH) within Europe and the United Kingdom, as mentioned in Cointelegraph.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]