Huobi Shuts Down Offices In Thailand After Agency Ruling

Huobi shuts down offices in Thailand after the regulator in the country revoked the exchange’s operating license in the country so let’s read more today in our latest Huobi news.

Thailand’s Securities and Exchange Commission decided to revoke the license of the crypto exchange Huobi in the country, prompting the company to cease operations. In a statement on the Huobi website, the company explained that it will close the paltform down on July 1 permanently and is working to contact customers so that they withdraw their assets before it is too late. As per the data on CoinMarketCap, Huobi Global is in the top 10 exchanges with $2.3 billion in trading volume in the past day. As Huobi shuts down offices in Thailand, it added:

“We are sorry our journey has come to the end. We sincerely thank you for your long support.”

Huobi’s venture in Thailand was very short-lived and the company launched its platform in 2020 the services got suspended in early September 2021 after a ruling from the Thailand SEC. The agency cited a failure to comply with regulations and rules so that it holds the exchange accountable for operating in the country and decided to revoke the license after the company asked for extensions to fix issues IDs by the Thailand SEC which included trading, information technology systems, and customer asset retention.

In the review period, the company was required to return the assets to its customers and while the company said it maintained the best efforts to do so, Huobi Thailand said there were an amount of out-of-reach customers which the company has nto been able to make contact with. Once the exchange is closed permanently, customers will have no way to reclaim their assets and the exchange will no longer have connections or bindings with the exchange and its affiliates.  The exchange provided contact information for customers to reach the company via email or use the encrypted messaging service Telegram.

It Is not the first time Huobu removed itself from a country as parent company Huobi Technology Holdings was required to disable trading for customers in the US because of laws and regulations about crypto assets with the company explained in 2019. The exchange was forced out of China amid a crackdown on the industry which took place last year and cost Huobi 30% of its revenue.