Huobi Thailand Will be Closed on July 1 for the Following Reasons

Written by C, Fiona

Last updated: 2022-06-17

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The Thai vertical market controlled by Hong Kong listed Huobi technology will be closed on July 1, according to the company’s statement. In its announcement, Huobi said that the board of directors of Thailand’s securities regulatory authority has revoked its license as an exchange, making it an unauthorized digital asset trading center in the country.

As the company was forced to permanently close the platform on july1,2022, it has extended a helping hand to investors and asked them to withdraw funds. The translated statement states: “since September 2021, we have been trying to contact all our customers to withdraw their assets. However, there are still some customers who cannot be contacted.”

Huobi Thailand:Defective Management Structure

According to the regulator, Huobi was found to have a “defective management structure and system” between February and March 2021. According to the securities and Exchange Commission of Thailand, this is not enough to ensure compliance with the required regulations, resulting in the suspension of its license.

However, according to the domestic digital assets law, Huobi is allowed to temporarily suspend trading and correct system defects within the deadline of august31,2021. The SEC also pointed out that it had extended the deadline according to the requirements of Huobi, and the total modification time was more than five months. However, the agency said that the exchange could not solve the problems surrounding business operations, including trading systems, customer asset retention systems and information technology systems.

At the same time, the exchange warned that “after the closure of the Huibi Thailand platform, Huibi Thailand will no longer have any contact with the Huibi group and its affiliates, nor will it be legally binding.”

It is worth noting that Huobi launched its Thailand branch as early as february2020, with four types of digital assets – BTC, ETH, HT and USDT with Thai Baht. However, as early as March, Thailand stopped using cryptocurrency as a means of payment for goods and services on the grounds that the financial stability of the economy was at risk.

In other words, according to the report last month, the Bank of Thailand (BOT) also suspended its central bank digital currency (CBDC) plan because it believed that there were many feasible online payment alternatives.

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