Blog: Huobi Thailand Gets Licensed Pulled, Plans for Exit in July – Blockworks




By Sebastian Sinclair



/
June 17, 2022, 1:00 am EDT

  • Huobi’s Thailand arm has had its operating license revoked and will end operations in the country by July 1
  • Users are urged to withdraw or transfer their digital assets off the platform before the final date

Asia-based crypto exchange Huobi said Thursday its Thailand arm would end its operations following a decision by the country’s financial regulator to revoke its license.

Huobi Thailand is no longer an authorized digital asset exchange after the board of the Thai Securities and Exchange Commission (SEC) reached its decision, Huobi said in a statement on its website.

The Thai entity will no longer be affiliated nor legally bound with the Huobi group and customers are urged to withdraw their digital assets prior to its date of closure by July 1.

In a statement on Wednesday, Thailand’s SEC said Huobi failed to meet its obligations under the country’s digital asset regulation following a grace period the exchange was given to rectify its regulatory shortfalls.

Some of its misgivings, the SEC said, relate to how Huobi Thailand failed to rectify its systems and personnel in accordance with the relevant announcements and rules set by the regulator in May.

The company’s operations were suspended in September by the SEC for the same reasons following an investigation by the regulator in March 2021.

Huobi Thailand had held a digital asset trading license issued by Thailand’s Ministry of Finance when it first began operations in the kingdom more than two years ago.

Thai users had been able to purchase four cryptos denominated in Thai baht including bitcoin, ether, huobi token and tether, beginning in February 2020.


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  • Blockworks

    Senior Reporter, Asia News Desk

    Sebastian Sinclair is a senior news reporter for Blockworks operating in South East Asia. He has experience covering the crypto market as well as certain developments affecting the industry including regulation, business and M&As. He currently holds no cryptocurrencies.

    Contact Sebastian via email at

    [email protected]

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