Huobi Thailand has been shut down after losing its crypto license

BANGKOK (NNT) – Crypto exchange Huobi Thailand has announced on its website that it will be permanently closed from 1 July.

The Securities and Exchange Commission (SEC) said last week that it had revoked the firm’s crypto-exchange license last month after failing to set up systems and staff in accordance with the rules and regulations. The SEC has already suspended the company from September 2021 due to similar issues.

In a statement posted on Huobi’s website, the company explained that it would permanently shut down the platform on July 1 and was working to contact its customers so that they could withdraw their assets from the exchange before it was too late.

The Ministry of Finance previously granted Huobi Thailand a digital asset trading license that allows users to purchase Bitcoin, Etherium, Huobi Token and Stablecoin with USDT Thai baht.

Thailand has seen one of the world’s highest adoption rates for crypto and decentralized financial services (DeFi) alongside the United States and Vietnam, although the Thai government has tightened controls on crypto-based payments as the value of cryptocurrencies has fallen.

The state currently has eight licensed crypto exchange platforms, the largest being Bangkok-based Bitcoin.

Huobi Thailand is built using technology provided by Huobi Cloud, Huobi’s blockchain solution provider, which helps third parties set up exchanges and other crypto-related services.

Huobi Thailand was launched just two years ago, as Huobi itself was accelerating its worldwide expansion after its exit from China, where it originated. In recent years, China has launched a series of crackdowns on crypto trading, which has persuaded businesses to go abroad and attract international customers.

Information and sources

  • Reporter: Paul Rujopakorn
  • Rewriter: Paul Rujopakorn
  • National News Bureau: http://thainews.prd.go.th

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