Huobi to Wind down Thai Operations by July 1

Fazzaco learned that Huobi is set to shut down its Thai arm by July 1, following its license canceled by the Thai Securities and Exchanges Commission (SEC).

This is caused by the crypto exchange’s failure to comply with the local regulations. Specifically, last March, the Thai financial watchdog has warned Huobi of its inadequate system measures. Further, the regulator has granted the exchange multiple extensions to fix its trading system, customer asset retention system and information technology systems.

“The Finance Minister, on the recommendation of the SEC, considered that Huobi still violated and failed to comply with the SEC's order conditions. Digital asset business license in the category of a digital token trading center of Huobi is revoked, effective from May 17, 2022,” said the Thai SEC.

Huobi Thailand has put a notice on its website, reminding its customers to withdraw funds. Additionally, it has left a refund address to contact in case its clients fail to withdraw their funds before the closure.

Earlier this month, the cryptoc exchange unveiled its plan to open a new investment arm, Ivy Blocks​, to tackle decentralized finance and Web3 projects. Last month, it has acquired the Latin American cryptocurrency exchange Bitex.