Huobi Global to Close Exchange Operations in Thailand After License Revocation -Breaking
The Thai Security and Exchange Commission (SEC) has revoked Huobi’s operational license for failing to comply with local regulations. As a result, Huobi’s operations will be permanently shut down in Thailand from July 1st, 2022.
Huobi to Thailand
Huobi Thailand was launched in February 2020 as part of the exchange’s move to double down on global expansion, following its exit from China. The SEC has revoked the license of the Thai exchange and the exchange is now forced to leave the market.
In September 2021, the Thai SEC ordered a suspension of Huobi’s services in the country, but moved to fully revoke its license in May, as the exchange failed to comply with local regulations.
Huobi, in light of this decision has made it clear that the company will be permanently leaving the Thai crypto market on July 1. Huobi’s departure marks the end of its short-lived ambition in the Southeast Asian country, where crypto adoption has flourished.
Thailand’s tightening regulations continue
Although Thailand is one of the largest adopters decentralized finance (DeFi), Thailand authorities have worked to improve regulation and restriction of cryptocurrency-based payments in light of plummeting crypto prices.
There are eight authorized crypto exchange platforms in Thailand. Bitkub is the leader of the Thai crypto movement.
- Huobi Global increased its efforts to get into Latin American markets by purchasing Bitex, a crypto-exchange.
What You Need to Care About
Huobi’s exit from Thailand is the latest indication of the growing trend of crypto market regulation being seen across the globe.
Find out more on Huobi’s plans to re-enter the US:
Huobi Plans to Go on a Second Foray into America
Read about Huobi’s metaverse expansion in:
Huobi Tech Sets Up Huobi Tech Capital To Capture Web3.0, DeFi and Metaverse Opportunities