Huobi closes in Thailand following agency decision

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Thailand’s Securities and Exchange Commission (SEC) on Wednesday revoked the license to operate cryptocurrency exchange Huobi Thailand, prompting the company to say it will soon cease operations in the country.

In a statement posted on Huboi’s website, the company explained that it will permanently shut down the platform on July 1 and is working to reach out to its customers so they can remove their assets from the exchange before it is too late. According to data from CoinMarketCapHuobi Global is one of the top ten exchanges, with a trading volume of $2.3 billion in the last 24 hours.

“We are sorry that our journey has come to an end,” Huobi Thailand said, adding, “We sincerely thank you for your long-time support.”

Huobi’s fleeting adventure in Thailand

Huobi’s adventure in Thailand was relatively short; the company spear its platform in the country just over two years ago in late February 2020, according to its parent company website. And its services had been suspended since early September last year following a ruling by the Thai SEC.

The agency cited a failure to comply with rules and regulations which it holds exchanges operating in Thailand responsible for revoking its license, after the company requested an extension to address issues identified by the Thai SEC, including trading, technology systems information and retention of client assets on the Huobi Thailand stock exchange.

During the review period, the company was required to return the assets to its customers, and although the company said it had made its “best efforts” to do so, Huobi Thailand said it there were “still a number of out-of-reach customers” that the company was unable to get in touch with.

Once the exchange is permanently closed, customers will have no way to recover any assets that were on the exchange and “Huobi Thailand will no longer have any ties or legal ties with Huobi Group and its affiliates,” the report says. company blog.

It provided contact information allowing customers to contact the company via email or using the encrypted messaging service Telegram.

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. blog post in November 2019.

The exchange was also kicked out of China amid a repression on the crypto industry that took place last year, costing Huobi about 30% of its revenue, according to Huobi co-founder Du Jun.

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