- Bangkok Bank Suspends TDAX Bank Account.
- TDAX claimed the suspension doesn’t affect transactions
Thailand: Thai Digital Asset Exchange (TDAX), Thailand’s second largest privately held cryptocurrency exchange, has had its account transactions terminated by one of Thailand’s largest banks, Bangkok Bank, following a statement by the Thailand central bank prohibiting financial institutions from five cryptocurrency-related activities. According to a report from Bangkok Post, Bangkok Bank claimed it suspended the account because TDAX’s activities are not in accordance with its business purpose registered with the Commerce Ministry.
The report further revealed that Bangkok Bank, has “become the first domestic financial institution to halt transactions involving trading of cryptocurrencies.”
However, Poramin Insom, Founder and Chief Executive of TDAX, said that despite the termination of its bank account by Bangkok Bank, its trading of bitcoin and ten other digital currencies would not be affected. Poramin added that investors can carry out transactions with three other banks, namely Krungthai Bank, Siam Commercial Bank and Kasikornbank (KBank).
In a statement to users, TDAX stated that it is suspending all deposits to Bangkok Bank account, while withdrawal through the bank account is still in operation. The statement reads:
“Bangkok Bank (BBL) have contacted us for cooperation to stop using our Bangkok Bank account to operate TDAX. This is due to a Bank of Thailand announcement seeking for cooperation from the Bank regarding Cryptocurrency activities. There is no law in place to support this activity.”
Last week, the Thailand central bank, Bank of Thailand (BOT) had issued a circular prohibiting financial institutions in the country from five key cryptocurrency activities.
The circular which was signed by the central bank’s governor, Wisit Santiprabop, defined the five cryptocurrency-related activities as:
“Investing or trading in cryptocurrency, exchanging cryptocurrencies, creating platforms for cryptocurrency trading, allowing clients to use credit cards to buy cryptocurrencies, and from advising customers on cryptocurrency investing or trading.”
TDAX has also postponed the launching date of TukTukPass ICO Sales to March 5 due to “uncertainty regulation from SEC of Thailand.”
Meanwhile, Rapee Sucharitakul, the SEC secretary-general said:
“SEC expects to issue the regulatory framework over the next 2-3 weeks to supervise funding raised via ICOs and cryptocurrency.”
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