The Thai Securities and Trade Fee has ordered cryptocurrency exchange Bitkub to enhance its technical infrastructure after an unacceptable stage of buying and selling outages, in response to studies.
The regulator, tasked with overseeing digital currency exchanges working in Thailand, stated the trade should do extra to stop outages, after customers have been blocked from buying and selling throughout vital worth spikes earlier this month.
Based on a report within the Bangkok Post, the regulator has given the trade 5 days to treatment the problems, after three separate incidents in January. One of many outages noticed a interval of 16 hours of no buying and selling, prompting concern amongst customers that they may lose their digital forex.
There are additionally rising considerations that Bitkub might not be capable of deal with present buying and selling volumes not to mention maintain capability for future surges, main some to worry the trade might finally be compelled to shut.
The information can be welcomed by customers of Bitkub after the technical issues of latest weeks. But the event underlines the dangers and challenges dealing with digital forex speculators and traders on digital forex exchanges.
Bitkub is taken into account to be the most important digital forex trade in Thailand, accounting for some 90% share of the native market. Like different exchanges worldwide, the platform skilled a surge in buying and selling exercise in early January, as BTC costs inflated to as excessive as $41,000.
Related volumes of buying and selling exercise have beforehand triggered issues at rival exchanges, together with Coinbase, which has pledged to enhance its technical infrastructure to deal with excessive ranges of demand.
With the clock ticking for Bitkub, it’s hoped the trade can put in place the required technical controls to stop related outages from occurring sooner or later. Within the meantime, traders watch on within the hope of a resumption to regular service in brief order.
See additionally: CoinGeek Dwell panel, Digital Foreign money & International Compliance: Instruments & Ideas for Exchanges, Wallets & Different Service Suppliers
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