Due to the revocation of the crypto license, Huobi will suspend its Thai-based unit and operations.
Huobi is the leading global crypto exchange. This exchange initially came into the crypto market from China but in 2021 Huobi closed its all operations from China. Right now the exchange has its offices in Hong Kong, South Korea, Japan, and the United States . Due to the suspension of its services from China, the exchange faced a significant loss in its revenue and now it is close to face another big loss in Thailand.
Recently Huobi exchange announced that the exchange lost its Thai crypto license to provide services in Thailand, so it will suspend its crypto-related services from next month of this year.
“Due to the decision of the board of SEC, Huobi Thailand is no longer a licensed exchange. We will close down the platform permanently on July 1, 2022.”
Huobi exchange also noted that the exchange tried its best to contact and help the users to withdraw all the funds but there are many users, which are out of contact. So exchange will provide special contact support for those customers to give back their funds.
“After the closure of the Huobi Thailand platform, Huobi Thailand will no longer have any connections nor legal binding with Huobi Group and its affiliates. Huobi Group and its affiliates are not and will not be responsible for any issues regarding Huobi Thailand,”
In February of last year, Thailand’s Securities and Exchange Commission (SEC) agency investigated the services of Huobi. In the investigation, the Thai SEC found that Huobi was provided services under some flaws because of flaws in management structure and platform.
In April, the exchange was ordered to halt the services temporarily and return all the funds to the Thai crypto investors. And also ordered to fix the flaws. After all these things, Huobi secured some extension time to provide services but in the end failed to comply with the regulatory policy of the Thai SEC, so SEC urged the Finance Ministry to revoke the exchange’s license.