It seems like the banks in Thailand are on a spree to close the bank accounts of cryptocurrency exchanges. Another bank in Thailand has followed Bangkok Bank to shut down the bank accounts of a cryptocurrency exchange.
Second bank to follow suit
The bank which closed the bank account this time around was Krungthai Bank. It has shut down the accounts of Tahi Digital Asset Exchange. This is the same cryptocurrency exchange which was impacted earlier. Even though, earlier it was assumed that the cryptocurrency exchange will not be impacted by such a move as it has multiple bank accounts. However, it seems like most of the banks are acting on it. This is the second bank account closure for this exchange. This is the reason why it seems like cryptocurrency exchanges, and other related businesses, are having a tough time in Thailand.
According to the chairman of the bank, Somchai Sujjapongse, the instructions were very simple – to hold any bank accounts which are related to the cryptocurrency industry.
Other bank accounts
Currently, the cryptocurrency exchanges have closed other bank accounts. Out of these, one bank has directly confirmed that it is still providing banking services to the cryptocurrency exchange.
The other cryptocurrency exchanges are also impacted by the shutdown of bank accounts. The other cryptocurrency exchange which has been affected is Bx.in.th. The Bangkok Bank has closed its bank account as well. This was done on the same day as the other cryptocurrency exchange. This is the reason why it seems like the axe will be falling soon on the other cryptocurrency exchanges as well.
Postponement of ICO
TDAX was planning to launch its own ICO. But with the closure of the bank accounts, the ICO is delayed. Moreover, the prospects of the cryptocurrency exchange have taken a severe hit due to the closure of bank accounts. It remains to be seen whether it is able to get back its bank accounts. Currently, the operations on the exchange itself are not impacted in any way.
While the volume in cryptocurrency exchanges seems to be surging, with mounting banking problems, it remains to be seen how cryptocurrency exchanges in Thailand move forward. If indeed, they are able to tackle these problems, they might still come out as winners and gain more volume.