Huobi Closes Thailand Branch After SEC Rescinds Crypto License

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Summary:

  • The regulator said Huobi failed to comply with personnel and system policies.
  • Thailand’s SEC officially revoked the crypto license in May.
  • Operations were originally suspended earlier in September 2021 and the platform tried to sort out the issue with no success.
  • Huobi Thailand will completely shut down on July 1, 2022.
  • Customers have been advised to withdraw all digital assets from their accounts before the closure. 

Major crypto exchange Huobi will completely shut down its operations in Thailand on July 1, per a Bloomberg report. The announcement issued on Thursday comes after Thai’s Security and Exchange Commission revoked the platform’s license earlier in May.

Huobi is a Seychelles-based platform and the eighth largest cryptocurrency exchange by trading volume. The digital asset trading giant has offices in multiple jurisdictions including Hong Kong, Japan, and the U.S. no name a few.

Thai SEC Revokes Huobi’s Crypto License

According to the statement released, the platform’s Thailand unit will close all operations and crypto services within the country on July 1, 2022. The news comes after a period of regulatory uncertainty for the exchange. 

Thailand’s top market supervisor suspended the platform’s operations earlier in September 2021. The SEC said that Huobi’s compliance with system and personnel regulations did not meet the standards outlined by established policies. 

Afterward, the company attempted to resolve the situation but efforts were not enough in the end. In May 2022, Thai’s SEC officially rescinded the company’s crypto licenses. 

Therefore, by virtue of Section 35, paragraph three of the Digital Assets Act. Cryptocurrency Trading Center Digital Asset Business License Revoked and a digital asset business license in the category of a digital token trading center of Huobi, effective from May 17, 2022.

The exchange said they will fully comply with the SEC’s directive and shut down operations at the aforementioned date.

Customers have been asked to withdraw all assets before July but a few account holders remain out of reach, per the state from the exchange.

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