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Huobi's crypto activities in Thailand will be shut down permanently best app for cryptocurrency trading

16-Jun-2022 By: Shikha Jha
Huobi's crypto activ

Huobi's crypto activities in Thailand will be shut down permanently  best app for cryptocurrency trading

Huobi's Thailand division will cease operations on July 1 after the Thai Securities and Exchanges Commission cancels its operating license.

Huobi's license was terminated by the Thai Securities and Exchange Commission in May because it failed to comply with local legislation. The permanent shutdown orders came over eight months after the exchange's services were stopped by authorities in September.

The exchange stated it had attempted to resolve the regulatory concerns, but that it would be forced to cease operations due to SEC directives.

According to the Thai SEC's official statement, the crypto exchange was initially informed about its insufficient system safeguards in March of last year. The crypto exchange was also given repeated extensions to correct its trading system, client asset retention system, and information technology systems, but despite these extensions and guarantees, it failed to comply with SEC requirements.

As a result of the sequence of infractions and inability to address the problems, the governing body decided to permanently terminate the digital asset business license on May 17, 2022.

Huobi has continued to breach and fail to comply with the SEC's order requirements, according to the Finance Minister, who acted on the SEC's advice. Huobi's digital asset business license in the category of a digital token trading center has been canceled, with an expiration date of May 17, 2022.

The crypto exchange has posted a note on its official Thai platform website, asking clients to withdraw their monies and providing a reimbursement address in the event that they do not do so before the exchange's permanent shutdown.

Thailand is regarded as one of Asia's most advanced crypto nations, with tax advantages for dealers and a regulated crypto exchange ecosystem. However, several crypto exchanges, including Binance, have had troubles with regulatory standards in the past.

The Thai Securities and Exchange Commission (SEC) outlawed cryptocurrency as a form of payment in March of this year, as well as requiring crypto exchanges to disclose system malfunctions in order to safeguard users.

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