Thai Bank Terminates Account of Local Cryptocurrency Exchange

One of Thailand’s largest banks, Bangkok Bank, has become the first domestic financial institution to halt transactions involving trading of cryptocurrencies. The bank suspended transactions of the Thai Digital Asset Exchange (TDAX), a major crypto exchange in the country, on the grounds that TDAX’s business operations are not in accordance with its business purpose registered with the Commerce Ministry. TDAX plans to increase capital soon in order to apply for an ICO licence with the Thai Securities and Exchange Commission.

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