Huobi’s operations in Thailand were halted in April, and its license was proposed for cancellation in September of last year.
Beginning July 1, 2022, Huobi’s Thailand activities will be permanently shut down. Huobi Thailand, a subsidiary of the Seychelles-based corporation, was red-flagged by the local watchdog in February-March 2021 for violating regulations.
The company stated:
“Due to the decision of the board of SEC, Huobi Thailand is no longer a licensed exchange. We will close down the platform permanently on July 1, 2022.”
Huobi said that despite its efforts to contact customers and request that they remove their funds, some customers remain unreachable. It gave contact information for clients who wanted to withdraw their funds once the portal was completely shut down.
“After the closure of the Huobi Thailand platform, Huobi Thailand will no longer have any connections nor legal binding with Huobi Group and its affiliates. Huobi Group and its affiliates are not and will not be responsible for any issues regarding Huobi Thailand.”
Thailand’s SEC stated it uncovered weaknesses in the crypto exchange’s management structure and platform during an investigation in February-March of last year.
Huobi was ordered by the watchdog on April 1, 2022, to temporarily suspend its activities, restore its clients’ assets, and address the regulatory breaches within three months. After a couple extensions and Huobi’s failure to address the SEC’s concerns, the agency recommended to the Finance Ministry in September last year that the exchange’s license be revoked.