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SEC permanently revokes Huobi Thailand's license: Branch to close by July

SEC permanently revokes Huobi Thailand's license: Branch to close by July

Huobi’s operations in Thailand have been halted, as the Thai SEC revoked the crypto platforms operations in May this year, making a permanent decision that will result in the permanent closure of Huobi's Thai branch.

The Securities and Exchange Commission (SEC) in Thailand initially asked the Ministry of Thailand to revoke the digital asset trading license of Huobi back in September 2021, following an extensive investigation that started in February 2021. 

According to a Huobi Thailand Co. statement on its website, the Thai platform branded in Thailand as DSDack will close permanently from July 1st. The platform was handed a temporary suspension order in September after flaws were found in trading, customer asset retention and information technology systems, among others, during a review between February and March of this year, according to the regulator.

The SEC revealed that the inconsistencies and firm’s management structure and operations was enough to warrant a permanent closure of the platform, after failing to comply with the relevant rules.

“During the suspension of such services, Huobi must return all assets to customers within 3 months from the date the SEC has the resolution to order.”, the SEC stated in December.

Huobi Global said in a WeChat message:

“Huobi Thailand offers digital asset trading services with local legal and compliance standards. Due to product changes and to better serve local users with enhanced application and trading services, Huobi Thailand has temporarily decided to suspend trading service.”

The latest update will be a permanent decision, however, with a statement released by the Thai platform on Thursday noting that following the closure, “Huobi Thailand will no longer have any connections nor legal bindings with Huobi Group and its affiliates. Huobi Group and its affiliates are not and will not be responsible for any issues regarding to Huobi Thailand.”

According to the statement, they are making efforts to contact all of their customers who wish to withdraw their assets before the closure of the platform, 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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