In April, operations of the cryptocurrency platform in Thailand were stopped, and its licence was proposed for cancellation in September of last year.
Digital asset trading With effect from July 1, 2022, Huobi will cease operations in Thailand permanently. Huobi Thailand, a subsidiary of the Seychelles-based corporation, fell into difficulty with the local watchdog in February-March 2021 when it was reported for violating rules.
“As a result of the SEC board’s decision, Huobi Thailand is no longer a regulated exchange. The portal will be shut down permanently on July 1, 2022, the corporation said on its website.
Huobi recognised that despite its attempts to contact clients and urge that they remove their assets, there are still some customers who have not responded to its requests. It offered contact information for customers to withdraw their valuables after the platform’s permanent shutdown.
“After the closing of the Huobi Thailand site, Huobi Thailand will have no legal ties to Huobi Group or its affiliates. Huobi Group and its affiliates are not and will not be liable for any problems involving Huobi Thailand,” the statement said.
Difficulties With the Regulator
After an examination in February and March of last year, Thailand’s Securities and Exchange Commission (SEC) uncovered weaknesses in the management structure and platform of the cryptocurrency exchange.
On April 1, 2022, the regulator demanded that Huobi temporarily suspend its services, restore the assets to its clients, and address the regulatory deficiencies within three months. In September of last year, the SEC recommended to the Finance Ministry that Huobi’s licence be revoked after a few renewals and Huobi’s inabilities to fix the flaws identified by the SEC.
Malaysia’s Deputy Finance Minister Mohd Shahar Abdullah rejected rumours in March that the South East Asian country will embrace bitcoin as legal cash.
“Cryptocurrencies such as Bitcoin are not fit for use as a payment instrument owing to several constraints,” he emphasised, without elaborating.
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