Hong Kong-listed Huobi Technology Holdings Ltd will shut its cryptocurrency trading platform’s Thailand unit on July 1 after the country’s Securities and Exchange Commission (SEC) revoked its license.
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Fast facts
- Huobi Thailand said the firm will no longer have any connections or legal bindings with Huobi Group following the closure.
- The SEC confiscated the crypto exchange’s Thai license in May, apparently due to failure to organize personnel and systems in line with the country’s regulations.
- The exchange had already stopped operating since September due to regulatory pressure.
- In a case of whiplash for the country’s crypto industry, the SEC banned Bitcoin and other crypto payments while the ministry of finance eased crypto tax requirements in March.
- Thailand banned baht-pegged stablecoins in 2021.
See related article: Thailand bans Bitcoin and crypto payments