Huobi Stops Cryptocurrency Operations in Thailand

The Ministry of Finance of the Kingdom of Thailand has revoked the license of the Huobi cryptocurrency exchange due to numerous violations and failure to comply with the orders of the local Securities and Exchange Commission (SEC).

Thailand division of Huobi cryptocurrency exchange stop to operate in the country by July 1, as the SEC of Thailand revoked the license to operate the site. The supervisory authority made such a decision in May, while in September it suspended the work of the exchange.

The exchange tried to solve problems with regulation, but the SEC insisted on curtailing all operations in the country. According to the statement of the regulator, the crypto platform was warned about systemic violations in March last year. The SEC also provided the company with several extensions to fix the trading system, information technology system, and customer asset retention system. But, despite this, the crypto exchange, assures the regulator, continued to work with violations of the rules.

After carefully studying a number of violations, the supervisory authority decided to permanently close the crypto exchange in the country:

“The Minister of Finance considered our arguments and came to the conclusion that Huobi still violated and did not comply with the orders of the SEC. The digital asset business license in the Huobi digital token trading center category has been revoked as of May 17, 2022.”

Clients of a cryptocurrency exchange in Thailand must withdraw their funds by July 1, and also leave addresses for a refund in case they fail to withdraw assets before the final closure of the site.

Earlier, the Thai authorities announced that they intend to provide exemptions for the payment of value-added tax for transactions with digital assets until December 31, 2023.