The operator of the Huobi bitcoin exchange is closing its Thailand unit after the Ministry of Finance revoked its license.
In a statement, Huobi Thailand said it would “permanently” cease operations as of 1 July 2022.
The Securities and Exchange Commission (SEC) of Thailand, in a press release, explained that it recommended the Ministry of Finance not to extend the license, as the exchange had not brought its “staff structure and internal systems” into compliance with regulatory requirements.
For these reasons in September 2021 the regulator suspended the platform’s activities and обратился to the Minister of Finance for revocation of the exchange’s operating authorization.
The SEC Board made its decision based on the results of a spring inspection.
“Since September 2021 we have been making every effort to contact all users to withdraw funds. Nevertheless, some clients remain unable to access their accounts,” said Huobi Thailand.
According to the statement, after the closure the platform “will have no ties or legal relationships” with Huobi Group.
Back in April, Binance created in Thailand a joint venture for launch a regulated crypto exchange.
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