Huobi Thai subsidiary, a Cryptocurrency exchange, is shutting down by July 1 after the local regulator revoked its license.
Huobi said in its announcement that the Thailand securities regulator board had revoked its license as an exchange.
The Board of Securities considers the crypto platform an unauthorized digital asset buying and selling center in Thailand.
However, the company was forced to permanently shut down the platform; it reached out to investors to withdraw funds and admittedly has been doing so for ten months now.
“However, there are still a number of out-of-reach clients that we have not been able to contact,” according to Huobi Thailand statement.
According to the Thai SEC, Huobi had received an extension to remedy the compliance breach, which was seen after an investigation in February 2021.
Huobi had launched its Thai branch in February 2020 with four digital assets – Bitcoin, Ether, Huobi Token, and Tether
Ultimately, the SEC deemed Huobi trading systems, client asset retention systems, and information technology systems “irreparable” and ordered the exchange to return all assets to its customers and client based in Thailand.