Huobi Thailand is no longer an authorized digital asset exchange in the country. The company has decided to shut down its operations permanently in Thailand from 1 July 2022.
According to an official announcement by the Thai Securities and Exchange Commission, the license of Huobi Thailand has been revoked after the digital asset services provider failed to fix system issues despite several extensions.
“The Ministry of Finance, on the recommendation of the SEC, considered that Huobi violated and failed to comply with the SEC’s order conditions under Article 35, paragraph one and paragraph two of the Digital Assets Act. Therefore, by virtue of Section 35, paragraph three of the Digital Assets Act, the Cryptocurrency Trading Center Digital Asset Business License and a digital asset business license in the category of a digital token trading center of Huobi have been revoked, effective from May 17, 2022,” the SEC mentioned in an official announcement.
While Huobi has faced some challenges in the Asian region during the past few months, the company has increased its presence in Latin America. In May, Huobi announced the acquisition of Bitex, one of the oldest crypto exchanges in Latin America with a strong presence in Argentina, Chile, Paraguay, and Uruguay.
Regulators around the world have started introducing strict crypto regulations. Amid the rising scams and illegal activities in the crypto market, a group of EU officials recently said that the crypto exchanges that commit AML breaches should lose their licenses.
“For Huobi customers, please contact to get the assets deposited with Huobi back by contacting through the company’s channel. If in doubt, can contact for advice at SEC People’s Service Center,” Thai SEC said.
Earlier this year, Huobi announced the launch of a $100 million campaign in an effort to encourage users to explore possibilities in the Metaverse.
This article was written by Bilal Jafar at www.financemagnates.com.