Crypto exchange Huobi will shut down its Thailand operations after the local regulator revoked its license.
Huobi Thailand is shutting down
According to a statement on the exchange’s website, the local platform will be closed “permanently” on July 1. Huobi Thailand would no longer have any legal ties to Huobi Group following the shutdown, according to the statement.
“We have been trying our best efforts to contact all customers to withdraw assets,” the statement said. “However, there are still an amount of out-of-reach customers.”
Thailand’s Securities and Exchange Commission withdrew the firm’s crypto-exchange license in May after it failed to set up systems and staff in compliance with laws and regulations, according to a statement released by the regulator on Wednesday.
Last month, Huobi Global acquired Bitex, a Latin American crypto exchange, to expand its regional presence. The crypto exchange also said in February that it would re-enter the US market after closing its operations in China due to a local ban on crypto-related transactions.
The firm also recently announced the launch of Ivy Blocks, its new DeFi and web 3.0 blockchain ecosystem investment arm. According to a spokeswoman, the new investing arm has more than $1 billion in crypto assets under management.