{"id":162553,"date":"2021-01-25T19:43:34","date_gmt":"2021-01-25T16:43:34","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitkub-submits-improvement-plans-to-thai-sec-and-resumes-trading\/"},"modified":"2021-01-25T19:43:34","modified_gmt":"2021-01-25T16:43:34","slug":"bitkub-submits-improvement-plans-to-thai-sec-and-resumes-trading","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitkub-submits-improvement-plans-to-thai-sec-and-resumes-trading\/","title":{"rendered":"# Bitkub submits improvement plans to Thai SEC and resumes trading"},"content":{"rendered":"

“# Bitkub submits improvement plans to Thai SEC and resumes trading <\/strong>”
\n<\/p>\n

Bitkub, Thailand\u2019s largest cryptocurrency exchange, resumed its services on Jan. 23 following a brief period of shutdown enforced by the country\u2019s Securities and Exchange Commission.\u00a0<\/p>\n

The shutdown followed a number of brief service outages which occurred due to large spikes in traffic when the price of Bitcoin (BTC) broke 1 million Thai baht ($33,340) earlier this month.\u00a0The psychologically significant figure brought a huge influx of new investors to the site, which struggled to cope with the volume.<\/p>\n

The SEC ordered the exchange to cease activities and revise operational procedures to improve reliability, by a deadline of Jan. 23.\u00a0Bitkub complied and sent its improvement plan to the regulator on Saturday morning, meaning that it could resume trading through the website.<\/p>\n

The SEC is now reviewing the plan<\/a>, which includes doubling the number of support staff, improving KFC verification protocols, and setting up a 100 million That baht ($3.3 million) customer protection reserve.<\/p>\n

Bitkub had forecast a 600% growth in 2020, which actually ended up being as high as 1000%. Its forecast of 1000% growth for 2021 was broken within 7 days of the new year<\/p>\n

Cryptocurrency trading has exploded in Thailand during the recent bull-market, with volumes across the six licensed exchanges in the country hitting<\/a> 14.6 billion Thai baht ($487,000) for the period between Jan. 1 and Jan, 24.<\/p>\n

This despite the fact that three of the exchanges only gained their licenses and started to trade over the last week.\u00a0Of these, Upbit Thailand, backed by Upbit APAC and a group of Thai billionaires, must have been hoping that it could make more of Bitkub\u2019s temporary suspension from the market.<\/p>\n