Huobi is closing operations in Thailand after its license revoke

Huobi Technology Holdings Ltd. has decided to shut down its unit in Thailand as the local regulatory body revoked its operating license.
Huobi Technology Holdings Ltd. has decided to shut down its unit in Thailand as the local regulatory body revoked its operating license.

The Hong Kong-based crypto exchange platform, Huobi Technology Holdings Ltd., has decided to shut down its unit in Thailand as the local regulatory body revoked its operating license.

Huobi closes down its operations in Thailand

According to the statement on the website of Huobi Thailand Co., the local platform will shut down all its operations from July 1. The firm’s crypto-exchange license was canceled by Thailand’s Securities and Exchange Commission 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. The SEC had already put the company’s operations on hold in September due to similar concerns. The exchange stated:

“Due to the decision of the board of SEC, Huobi Thailand is no longer a licensed exchange. We will close down the platform permanently on July 1, 2022.”

Moreover, the exchange said that despite its efforts to contact customers and request that they withdraw their funds, some customers remain unreachable. It gave contact information for clients who wanted to withdraw their funds once the platform completely closed down.

“After the closure of the Huobi Thailand platform, Huobi Thailand will no longer have any connections nor legal binding with Huobi Group and its affiliates. Huobi Group and its affiliates are not and will not be responsible for any issues regarding Huobi Thailand,” the statement added.  

Bullish on Web3 and DeFi

Huobi reported serious losses after exiting China in 2021. The exchange announced the halt of services in Singapore in November last year. Despite the continuous failure in establishing massive expansion, Huobi seems bullish on Web3 and DeFi. It recently created a new investment arm, Ivy Blocks, with $1 billion in digital assets to support and fund projects in these sectors. The CFO of the company, Lily Zhang, stated about the same:

“Many promising projects tend to encounter liquidity constraints and a lack of go-to-market support, which presents significant barriers to growth. Our focus on providing such projects with liquidity investments and incubation services will no doubt contribute towards creating a better, more inclusive DeFi and Web 3 blockchain ecosystem.”