Claim BonusJust-In: Huobi To Shut Thailand Unit After SEC Revokes License
Crypto exchange Huobi Global’s Thailand unit will be permanently shut down from July 1 as the SEC revoked its license. Moreover, Huobi Thailand will no longer be linked to Huobi Global and its affiliates. The crypto exchange has been trying to reach all customers to withdraw or transfer their holdings.
Huobi Closes Thailand’s Unit As the SEC Revoked Its License
In September 2021, the SEC Thailand asked the Ministry of Finance to revoke the license of Huobi Thailand. The SEC had found problems in the management structure and work system of Huobi Thailand which were not in accordance with the relevant announcements and rules.
Thailand’s Securities and Exchange Commission Board (SEC Board) on June 15 announced revoking Huobi Thailand’s crypto exchange license after the firm failed to set management and personnel system in accordance with rules and regulations despite several warnings.
Furthermore, Huobi Thailand is currently trying to contact all customers to withdraw their crypto assets. Clients who want to withdraw holdings after the closure of the firm can reach out through email and its Telegram channel. The statement also reads:
“Nevertheless, we are sorry that our journey have come to an end, and we sincerely thank you for your long support.”
In fact, the crypto trading on Huobi Thailand was already suspended by the SEC. Moreover, the SEC asked the crypto exchange to protect customers’ assets until the business license is revoked.
Crypto Adoption and Oversight Grows Side by Side in Thailand
Crypto adoption is rising rapidly in Thailand as retail and institutional investors show interest in cryptocurrency. With the rise in crypto adoption, government oversight and rules are also picking pace. Recently, the Thai government decided to exempt crypto transfers from value-added tax (VAT) payments until December 31, 2023.
Moreover, the SEC prohibited crypto exchanges in Thailand from listing utility tokens, meme tokens, fan tokens, Non-fungible tokens (NFT), and digital tokens. The SEC allows crypto trading, but also wants to protect the interest of digital asset traders.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Coinbase CEO Says CLARITY Act Progress Has Not Slowed Despite Markup Postponement
- Elon Musk’s X Cracks Down on InfoFi Crypto Projects; KAITO Token Falls 15%
- Bitget’s Tokenized Stock Platform Hits $18B as Traditional Assets Move On-Chain
- XRP News: RLUSD Gets Institutional Adoption Boost as Ripple Invests $150M in LMAX Group
- Gemini Card Review 2026 – Best Suited To Earn Rewards In Crypto
- Here’s Why Ethereum Price Will Hit $4k By End of Jan 2026
- Solana Price Outlook Ahead of the Alpenglow Upgrade
- Bitcoin and XRP Price Prediction As US Senate Cancels Crypto Market Structure Bill Markup
- Dogecoin Price Poised to Hit $0.18 After Bullish Inverse Head and Shoulders Breakout
- Bitcoin Price Forecast: How the Supreme Court Tariff Decision Could Affect BTC Price
- Ethereum Price Prediction as Network Activity Hits ATH Ahead of CLARITY Markup
