The Thai Securities and Exchanges Commission (SEC) announced to Shut down Huobi’s crypto services in Thailand. From July 1st 2022, Huobi will permanently close its crypto units as its license is canceled by the SEC.
Earlier in May, The Thai SEC invalidated Huboi’s legal license. As the exchange failed to follow and lead the local regulations. But prior to that, Huobi received an order to wind down its crypto units last September almost eight months ago.
Though the exchange requests for an opportunity to fix the gaps, the SEC strictly orders it to shut down.
Huobi – An Unauthorized Exchange in Thai
Moreover, the SEC officials stated it has sent the first warning alarm about the improper operating system of the exchange in March 2021. In addition, Huobi was granted many excuses to fix the issues. Some of the main problems that need to be addressed were the trading system, customer asset retention system and its information technology systems.
Even after pointing out the ongoing major problems to be fixed, the crypto exchange failed to follow the SEC regulations. So the authorities decided to suspend the license for violating the rules. Also for not sorting out the issues existing in the exchange. Thus, in mid of May, the SEC canceled the crypto exchange license permanently.
As Huobi’s last call to close the exchange, it posted a notice on its official Thai website giving a proper message to its customers. So the crypto exchange reminded its users to withdraw their funds. In case if the customer fails to withdraw their funds, it can be reversed before the permanent shut down.
Nowadays, the SEC is bringing in strict regulations and exchanges are hiding from the eyes of it. Additionally, Thailand is one of the crypto- friendly countries encouraging all crypto services. But now, all crypto exchanges are facing a hard time with the SEC regulatory guidelines including Binance.