Crypto Exchange Huobi Thailand Set to Close by July After SEC Ruling

The Securities and Exchange Commission (SEC) of Thailand has recently invalidated the operating license of crypto exchange Huobi Thailand. Huobi posted on its website regarding its closure following the announcement. The firm’s platform will permanently cease operations on July 1. It is also actively contacting its users, urging them to withdraw their assets before the set date.

Huobi Global is considered to be a top-ten exchange, based on data from crypto tracker CoinMarketCap. As of Friday last week, the exchange conducted $2.3 billion in trading volume over 24 hours. At the time of writing, this figure stands at $1.5 billion. “We are sorry our journey has come to the end. We sincerely thank you for your long support,” expressed Huobi Thailand.

The company’s platform in Thailand was first launched in February 2020. However, Thailand’s SEC quickly suspended its services in September 2020 due to Huobi’s failure to comply with the agency’s rules and regulations. The crypto exchange had issues regarding trading, information technology systems, and customer asset retention, which it sought to address.

Huobi Thailand is now required to return assets to its customers prior to its permanent closure. However, the company explained that there are “still an amount of out-of-reach customers” that need to be contacted. Huobi Thailand further affirmed that it “will no longer have any connections nor legal bindings with Huobi Group and its affiliates” after its operations have been halted. The company’s contact information has been made available to enable customers to reach the exchange through email or Telegram.

Despite the unfortunate development, Huobi has faced similar instances in the past. In November 2019, its parent company Huobi Technology Holdings Ltd. was forced to disable trading in the U.S. The company was found to be in violation of laws and regulations regarding cryptocurrency assets. It, likewise, exited China over the past year amidst the country’s crypto crackdown.

Source: Decrypt