Huobi’s Thailand division is set to halt operations by July 1st, after its operating license was withdrawn by the Thai Securities and Exchanges Commission.
The Thai SEC withdrew Huobi’s license in May after its failure to comply with the local regulations. The exchange claimed it has tried to fix the regulatory issues but would have to wind down operations owing to SEC orders.
The official statement from the Thai SEC revealed that the crypto exchange was first warned about its inadequate system measures in March last year. The crypto exchange was also granted multiple extensions to fix its trading system, customer asset retention system and information technology systems, but despite multiple extensions and assurances, the crypto exchange failed to comply with SEC regulations.
Thus after a thorough review of the series of violations and failure to fix the issues, the regulatory body decided to revoke the digital asset business license permanently.
The crypto exchange has put out a notice on its official Thai platform website, reminding customers to withdraw their funds and also left a refund address to contact in case users fail to withdraw their funds before the permanent closure.
