Crypto trading has taken the back seat in the digital economy in 2022, with the market remaining under the bears' control for most of the year. Furthermore, traders have seen their faith rocked by the consecutive failures of centralized exchanges. These intermediary marketplaces have been the powerhouse of the industry since its humble beginnings. Now, they seem to crumble under mounting allegations of scams, lawsuits, and solvency concerns. Meanwhile, they make a convincing case for the imminent decentralization of crypto…
Leading crypto exchange Huobi has started winding down operations in its Thai branch. The exchange announced today, noting that the Thai Securities and Exchange Commission (SEC) revoked its license. As a result, Huobi Thailand plans to shut down operations on July 1, 2022.
According to the announcement, the Huobi Thailand team has been trying to contact customers since September last year. The outreach sought to get customers to withdraw their funds from the platform. Additionally, the exchange has put up a notice on its website.
However, despite these efforts, Huobi Thailand claims it has been unable to reach some clients.
To this end, the exchange plans to leave some communication channels open for customers that seek to withdraw funds after its closure. These are Telegram (@HuobiTH_Refund) and email ([email protected]).
Warning users to avoid interacting with any entity under the name Huobi Thailand after its closure, the exchange said:
After the closure of Huobi Thailand platform, Huobi Thailand will no longer have any connections nor legal bindings with Huobi Group and its affiliates.
It added that the Huobi Group and its affiliates would not be liable for any issues regarding Huobi Thailand.
Huobi Thailand said it is saddened to reach the end of its journey. The exchange concluded by thanking its customers for their support over the years.
Thai SEC Continues Clamping Down On Crypto Exchanges
The Thai SEC canceled Huobi Thailand’s license on May 17, citing failure to comply with local regulations. Before this, the regulator suspended the exchange’s services in September 2021.
According to the SEC’s statement, its issues with Huobi Thailand date as far back as March 2021. At the time, the watchdog claims to have warned the exchange about its inadequate system measures. The SEC claims to have offered the exchange multiple extensions to address the matter.
However, the exchange failed to comply with regulations, forcing the regulator’s hand. Among the requirements exchanges have to meet includes disclosing system failures. Through such disclosures, the Thai SEC hopes to bolster consumer protection.
At the moment, Thailand is one of the most crypto-friendly nations in Asia. The country offers traders tax exemptions. Additionally, Thailand has a regulated environment for crypto exchanges. However, the country’s watchdog continues to find fault with crypto exchanges.
Previously, the Thai SEC filed a criminal complaint against Binance. The regulator accused Binance of operating a digital asset business in the country without a license.