Shadine Taufik · · 1 min readCrypto firm Huobi Thailand to cease operations after losing license
Crypto platform Huobi Thailand is set to permanently close down its operations from July 1 after its license was revoked by the country’s market regulator, Bloomberg reported.
The firm is a digital-asset exchange company facilitating the trade of cryptocurrencies such as those from Ethereum, Bitcoin, and Polygon.
Thailand’s Securities and Exchange Commission (SEC) said Huobi Thailand had failed to “rectify the work system and personnel to be ready and in accordance with the relevant rules and conditions as ordered by the SEC.”
The company had come under scrutiny in March 2021, when the SEC pointed out the crypto exchange’s regulatory violations and gave the firm until August that year to fix them. After Huobi Thailand failed to do so, the governing body in September suspended the company’s services and ordered the firm to return customers’ assets. Its license was finally revoked last month.
Huobi Thailand said that it had been trying to contact all customers to withdraw their assets but had not been able to contact many of them.
See also: How Polygon puts India at the heart of the crypto world
Editing by Samreen Ahmad and Arpit Nayak
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