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Crypto exchange Huobi is shutting down in Thailand

16 Jun 2022 : 11:19
2 min read
  • Crypto exchange Huobi will shut down its Thailand operations
  • Thailand's Securities and Exchange Commission withdrew the firm's crypto-exchange license in May
  • Last month, Huobi Global acquired Bitex, a Latin American crypto exchange

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.

Expansion plans

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.


About Author

Stan Colenbrander

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Stan is the head of news and podcast host at Cryptonary. He was formerly a member of the Cryptonary Pro community. In early 2021, he decided to drop out of journalism school at university to pursue journalism in real life and make an impact in the crypto space. . His areas of interest include the NFT industry, decentralised finance, and crypto start-ups.

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