Bitkub, Thailand'south largest cryptocurrency commutation, resumed its services on Saturday following a brief menses of shutdown enforced by the land'southward Securities and Exchange Commission.

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

The SEC ordered the exchange to finish activities and revise operational procedures to improve reliability, with a deadline of Jan. 23. Bitkub complied and sent its comeback plan to the regulator on Saturday morning, meaning that it could resume trading through the website.

The SEC is at present reviewing the plan, which includes doubling the number of support staff, improving Know Your Customer verification protocols, and setting upwards a 100 million Thai baht ($iii.3 1000000) customer protection reserve.

Bitkub had forecast 600% growth in 2020, which actually concluded upwardly being equally loftier as ane,000%. Its forecast of one,000% growth for 2021 was broken within seven days of the new year's day

Cryptocurrency trading has exploded in Thailand during the recent bull market, with volumes across the 6 licensed exchanges in the state hitting xiv.6 billion Thai baht ($487,000) for the catamenia between Jan. one and Jan. 24.

This is despite the fact that 3 of the exchanges only gained their licenses and started to trade over the last week. Of these, Upbit Thailand, backed by Upbit APAC and a grouping of Thai billionaires, must have been hoping that it could make more of Bitkub'due south temporary suspension from the market.