Bitkub – a local crypto trading platform in Thailand has been warned by the Securities & Exchange Commission of Thailand (SEC) to resolve outages issues once and for all. Temporarily suspends trading and other normal operations of Bitkub until it gets rid of the problem.
Bitkub, which is a crypto trading platform, is regarded as top of the line crypto exchange in Thailand. The exchange has been operating in the jurisdiction of Thailand and has been duly authorized to render crypto services by Thailand’s SEC.
But since the year 2021 has started, there have been several complaints of occurrences of outages reported by Bitkub’s customers. While some of the outages were slight, however, there were at least three major outages that caused huge unrest amongst its customers. Due to these outages, the web trader version of Bitkub’s trading tool was adversely affected and became inaccessible. In particular, on 2nd January, the outage caused complete mayhem when all of the customers failed to log into their accounts at the website. If these outages will continue to prevail, then there is a chance that the customers would be taking out their business from the exchange.
However, a news appeared in Bangkok Post, which confirmed that SEC has issued strict warning to Bitkub. In the warning, 5 days’ time has been granted to Bitkub in which the exchange would need to resolve the outages issues. SEC has directed Bitkub to get rid of the issues once and for all until 25th January 2021 and file a compliance report. The compliance report has been sought to confirm whether the problem has been taken care of or not.
The worst outages of them all were reported to occur on the 3rd and 16th of January, 2021. An official of the exchange told that the outages have been caused due to cryptocurrencies’ price hike. He said that Bitcoin’s value has increased significantly and therefore trading volume at the platform has increased manifold. He said that the present, as well as new customers of Bitkub, are trying to get their hands on Bitcoin which is overloading the website. However, this huge trading volume has exposed the inefficiency of their system to execute extensive volumes of trading, said the official. But the exchange is trying hard to settle the matter and has hired extra hands to get rid of the problem, added the official.
Meanwhile, SEC has directed Bitkub to suspend its operations until it is capable of eliminating the problem and has given 5 days for that. But in order to keep rendering its trading services to customers, Bitkub has re-instated its application which can be accessed on any mobile phone.
SEC took its decision in a board meeting convened on 18th January and unanimously passed the decision to suspend Bitkub’s trading temporarily.