According to a press release, the Thai branch of Huobi Global will be permanently closed from July 1st. Indeed, thea SEC revoked its license after several warnings. The scholarship Huobi thailand attempts to contact all customers to withdraw or transfer their assets.
The SEC revokes the license, Huobi stops operations in Thailand.
In September 2021, the SEC thailand asked the Ministry of Finance to revoke the license of Huobi thailand. It has been acknowledged by the SEC that the management structure and working system of the stock exchange did not comply with relevant announcements and rules.
On June 15, the SEC of Thailand announced the revocation of the cryptocurrency exchange license of Huobi thailand. This is due to the company’s inability to set up management systems and employees in accordance with rules and regulations. According to the announcement, the exchange has already received several warnings before this decision.
Furthermore, Huobi thailand currently trying to contact all clients to withdraw their crypto assets. Customers who wish to withdraw their holdings after business closure can contact via email and their channels Telegram. The statement also reads as follows:
“Nevertheless, we are sorry that our trip has come to an end, and we sincerely thank you for your long support.”
In short, trading crypto on Huobi thailand has been suspended by the SEC. Additionally, the SEC has ordered cryptocurrency exchanges to protect client assets until trading licenses are revoked.
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The latest developments of Huobi
Last month, Huobi Global acquired bitexa Latin American cryptocurrency exchange, to expand its regional presence. The cryptocurrency exchange also said in February that it would re-enter the US market. This after having closed its operations in China due to a local ban on cryptocurrency-related transactions.
The company also recently announced the launch of Ivy Blocks, its new investment arm in the blockchain ecosystem. Challenge and Web 3.0. The new investment arm manages more than $1 billion in crypto assets, according to a spokesperson.
Separately, cryptocurrency adoption in Thailand is growing rapidly as retail and institutional investors take an interest in cryptocurrencies. Thereby, increasing government oversight and regulation also. Recently, the Thai government decided toexempt value added tax payments (VAT) on cryptocurrency transfers through December 31, 2023.
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Huobi Exchange will cease operations in Thailand from July. – Latest News
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