Huobi’s Thailand unit is set to wind down operations by July 1, after its operating license was revoked by the Thai Securities and Exchanges Commission (SEC).
The Thai SEC revoked Huobi’s license in May after it failed to comply with the local regulations. The permanent closure orders come nearly eight months after the regulators suspended the exchange’s services in September.
The exchange claimed it has tried to fix the regulatory issues but would have to wind down operations owing to SEC orders.
“Due to the SEC decision, Huobi Thailand is no longer an authorized digital asset exchange in Thailand. We will be shutting down the platform permanently on July 1, 2022.”
The official statement from the Thai SEC revealed that the crypto exchange was first warned about its inadequate system measures in March last year. The crypto exchange was also granted multiple extensions to fix its trading system, customer asset retention system. and information technology systems, but despite multiple...
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