Crypto trading on Huobi Thailand has initially been suspended, with SEC regulating how customers’ assets are protected.
Huobi Global’s Thailand unit will be permanently closed on July 1 after the SEC revoked its license. Furthermore, Huobi Thailand will no longer be affiliated with Huobi Global or its affiliates. The crypto exchange has been attempting to contact all customers for them to withdraw or transfer their assets.
In September 2021, the SEC Thailand requested that Huobi Thailand’s license be revoked by the Ministry of Finance. The SEC discovered issues with Huobi Thailand’s management structure and work system that were not in conformity with the applicable announcements and rules.
Thailand’s Securities and Exchange Commission Board (SEC Board) revoked Huobi Thailand’s crypto exchange license on June 15 after the company failed to establish a management and personnel system in compliance with rules and regulations despite multiple warnings.
Furthermore, Huobi Thailand is attempting to contact all customers for them to withdraw their crypto holdings. Clients who wish to remove their shares following the firm’s liquidation can contact the firm via email or its Telegram channel. The statement also reads:
“Nevertheless, we are sorry that our journey has come to an end, and we sincerely thank you for your long support.”
In reality, the SEC has already stopped crypto trading on Huobi Thailand. Furthermore, the SEC requested that the crypto exchange secure the assets of its customers until the business license is revoked.
As individual and institutional investors become more interested in cryptocurrencies, adoption is fast increasing in Thailand. Government monitoring and rules are also increasing in tandem with the surge in crypto usage. The Thai government recently decided to exempt cryptocurrency transfers from value-added tax (VAT) payments until December 31, 2023.
Furthermore, the SEC barred Thai cryptocurrency exchanges from listing utility tokens, meme tokens, fan tokens, non-fungible tokens (NFT), and digital tokens. The SEC authorizes cryptocurrency trading while simultaneously protecting the interests of digital asset traders.
