As a result of the SEC revoking its licence, the Huobi Global’s Thailand branch will be permanently closed from July 1. Huobi Thailand will no longer partner with Huobi Global and its subsidiaries. All users of cryptocurrency exchanges have been contacted in an attempt to withdraw or transfer their assets.
SEC Thailand has requested that the Department of Finance revoke Huobi Thailand’s licence by September 2021. Conflict of relevant announcements and regulations has been identified by the SEC in the Huobi Thailand administration and operational plan.
Huobi Thailand’s crypto exchange licence was revoked on June 15 by Thailand’s Securities and Exchange Commission Board (SEC Board) after the company failed to build its management and staff structure in accordance with laws and regulations despite numerous warnings.
Huobi Thailand is also trying to contact all consumers to request a refund of their crypto currency. Clients wishing to cancel their shares after the company’s liquidation can do so via email or the company’s call centre.
The SEC has already suspended crypto trading in Huobi Thailand. In addition, the SEC has requested that the crypto exchange protect its clients’ funds until the company’s licence is terminated.
As individual and institutional investors show interest in cryptocurrencies, acquisitions are increasing rapidly in Thailand. Government surveillance and regulation are also growing in line with the growing use of crypto. The Thai government recently decided to release cryptocurrency transfers on VAT payments until December 31, 2023.
In addition, the SEC has banned Thai crypto exchanges from listing utility tokens, meme tokens, fan tokens, NFT tokens (NFT), and digital tokens. The Securities and Exchange Commission (SEC) allows crypto trading but seeks to protect the interests of digital assets traders.
Read more: US SEC bans internal crypto trading by reviewing crypto transactions
