Crypto exchange Huobi Thailand has announced on its website that it will permanently shut down on July 1.
The Securities and Exchange Commission (SEC) said last week that it revoked the firm’s crypto-exchange license last month after it failed to set systems and personnel in accordance with rules and regulations. The SEC had already suspended the company’s operations since September 2021 over similar issues.
The Ministry of Finance had previously granted Huobi Thailand a digital asset trading license that allowed users to purchase Bitcoin, Ethereum, Huobi Token and stablecoin USDT with Thai baht.
Thailand has seen one of the world’s highest adoption rates of crypto and decentralized financial services (DeFi), next to the United States and Vietnam, though the Thai government has been stepping up regulation of crypto-based payments as cryptocurrencies plummet in value.
The kingdom currently has eight licensed crypto exchange platforms in operation, the biggest being Bangkok-based Bitkub.
Huobi Thailand was created using technology provided by Huobi’s blockchain solution provider, Huobi Cloud, which helps third parties set up exchanges and other crypto-related services.
Huobi Thailand was launched just over two years ago, as Huobi itself was accelerating its global expansion after exiting China, where it originated. China has launched a series of crackdowns on crypto trading in recent years, prompting related businesses to move overseas and attract international customers. (NNT)
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