Just-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.