Crypto exchange Huobi Thailand announced on its website that it will shut down permanently on July 1 after losing its license to operate in Thailand.
The Securities and Exchange Commission (SEC) said last week that it revoked the company’s crypto-exchange license last month after it failed to license systems and personnel in accordance with rules and regulations.
The DRY had previously suspended the company’s operations since September 2021 over similar issues.
In a communicated Posted on Huobi’s website, the company explained that it will permanently shut down its exchange on July 1 and is working to contact its customers so they can withdraw their assets before it don’t be too late.
The Ministry of Finance previously granted Huobi Thailand a digital asset trading license that allowed users to buy BitcoinEthereum, Huobi Token and stablecoin USDT with Thai baht.
Thailand has one of the highest adoption rates of crypto and decentralized financial services (DeFi) in the world, next to the United States and Vietnam, although the Thai government has recently stepped up the regulation of crypto payments.
Thailand currently has eight licensed crypto exchanges with the largest being bitkubbased in Bangkok.
Huobi Thailand was created using technology provided by Huobi’s blockchain solutions provider, Huobi Cloud, which helps third parties set up exchanges and other crypto-related services.
Huobi’s fleeting adventure in Thailand
Huobi Thailand was launched just over two years ago, as Huobi itself accelerated its global expansion after leaving China, where it originated. China has launched a series of crackdowns on cryptocurrency trading in recent years, prompting related businesses to move overseas and attract international customers.
Huobi’s venture in Thailand was relatively short-lived: the company launched its platform in the country at the end of February 2020, according to the its parent company’s website. Its services had been suspended since early September last year following a ruling by the Thai SEC.
This is not the first time that Huobi has had to withdraw from a country. Parent company Huobi Technology Holdings Ltd. was required to disable trading for clients in the United States due to laws and regulations regarding cryptocurrency assets, the company said in a statement. article published in November 2019.
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Huobi Thailand ceases operations after losing its crypto license » thailand-en
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