Thai SEC Tells Bitkub Crypto Exchange to Improve Platform After Trading Outages

Thailand's Securities and Exchange Commission (SEC) ordered the popular cryptocurrency exchange Bitkub to temporarily shut down and fix issues causing severe outages on Tuesday.

According to a report from Bangkok Post on Wednesday, the financial regulator is giving the Bitkub exchange five days to fix the problems that caused three outages in January amid increased trading activity.
During one outage, the platform was reportedly down for 16 hours before trading resumed.
The issues have prompted concerns among users that they may lose their holdings if Bitkub is forced to close or cannot handle large trading volumes, said an anonymous industry insider cited in the report.
Bitkub claims be the biggest crypto exchange in Thailand with a 90% share of the market, per the report.
Bitcoin prices soared to a record high of around $41,000 in early January, causing surging trading activity on exchanges everywhere.
The U.S.-based Coinbase exchange has become notorious for going down when prices make major moves, and said last week it will rebuild its platform to better handle the heavy loads.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Tanzeel Akhtar

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.