Bitcoin
$63,814.91-1.84%
Ethereum
$3,050.72-1.88%
Binance Coin
$559.47+0.05%
Solana
$142.57-1.81%
XRP
$0.51357244+3.19%
Dogecoin
$0.15374517+0.65%
Toncoin
$6.19-11.99%
Cardano
$0.49510129+7.55%
Shiba Inu
$0.00002305+1.35%
Avalanche
$35.71+0.90%
Wrapped Bitcoin
$64,010.46-1.60%
Tron
$0.10941324+0.50%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Consensus 2024Price Increase Extension Ends In
00
DAYS
11
HR
40
MIN
24
SEC
Markets

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

The financial regulator ordered the Bitkub exchange to close and fix issues that caused several outages as prices spiked this month.

By Tanzeel Akhtar
AccessTimeIconJan 20, 2021 at 1:36 p.m. UTC
Updated Sep 14, 2021 at 10:58 a.m. UTC
not in service out of order
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

Read more: Thai Stock Exchange Launching Digital Asset Trading in H2, Cryptos Excluded

Disclosure

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

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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.