Thai Regulators Revoke Huobi Crypto Exchange License
- June 16, 2022
- 0
Bitcoin exchange operator Huobi is shutting down a division in Thailand after the license was revoked by the Ministry of Finance. Huobi Thailand platform said in a statement
Bitcoin exchange operator Huobi is shutting down a division in Thailand after the license was revoked by the Ministry of Finance.
Huobi Thailand platform said in a statement that it will be closed “permanently” from July 1, 2022.
Thailand’s Securities and Exchange Commission (SEC) announced in a press release that it has advised the Ministry of Finance not to renew the license, as the exchange failed to align its “staff structure and internal systems” with regulatory requirements.
For these reasons, in September 2021 the regulator suspended the operation of the platform and applied to the Minister of Finance to revoke approval for the operation of the exchange.
The SEC Board made a decision based on the results of the audit conducted in the spring.
“Since September 2021, we have been working hard to contact all users for withdrawals. However, a certain number of customers are not available,” Huobi Thailand said.
According to the announcement, the platform “will not have any ties or legal relationship” with the Huobi Group after it is shut down.
Recall that in April Binance formed a joint venture in Thailand to launch a regulated crypto exchange.
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Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
