Huobi, a cryptocurrency exchange platform, has had its operations halted in Thailand as the Thai SEC revoked the crypto exchange platform’s operations. This decision will permanently stop the platform from operating in the country. In September 2021, the Securities and Exchange Commission (SEC) in Thailand had initially asked the Ministry of Thailand to revoke Huobi’s license, following a series of extensive investigations that started in February 2021.
According to the Huobi Thailand Co. website statement, the platform’s Thai branch, branded as DSDack, will be permanently closed from July 1. The platform was previously given a temporary suspension order in September 2021. This was after flaws were found in the company’s trading, information technology systems, and customer asset retention, among others, in a review between February and March. After the platform failed to comply with relevant rules, the SEC ruled that the inconsistencies and the firm’s management structure and operations were enough to warrant permanent closure.
The SEC stated in December 2021, “During the suspension of such services, Huobi must return all assets to customers within three months from the date the SEC has the resolution to order.”
In a WeChat message, Huobi Global announced, “Huobi Thailand offers digital asset trading services with local legal and compliance standards. Due to product changes and to better serve local users with enhanced application and trading services, Huobi Thailand has temporarily decided to suspend trading services.”
However, in the latest update, following the decision of SEC Thailand to permanently close the crypto exchange platform, the Thai platform released a statement on Thursday announcing the closure.
The statement says, “Huobi Thailand will no longer have any connections nor legal binding with Huobi Group and its affiliates. Huobi Group and its affiliates will not be responsible for any issues regarding Huobi Thailand.”
Also, in the statement, the platform noted that it is trying to contact all its customers who wish to withdraw their assets before the platform is closed permanently.
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