Huobi Thai partner shuts platform after losing license

Huobi Thai partner shuts platform after losing license

The logo of the Securities and Exchange Commission is seen outside the building on Vibhavadi Rangsit Rd. (Bangkok Post file photo)
The logo of the Securities and Exchange Commission is seen outside the building on Vibhavadi Rangsit Rd. (Bangkok Post file photo)

Huobi Thailand Co, a cryptocurrency platform, will halt its operations after the regulator revoked its license.

The platform will be shut “permanently” from July 1, according to a Huobi Thailand statement on its website. Huobi Thailand will no longer have any connections nor legal bindings with Huobi Group after the closure, the statement said.  

Services the platform had provided included trading of an array of digital assets such as Bitcoin and Ether. 

The Securities and Exchange Commission (SEC) in May revoked the firm’s crypto-exchange license after it failed to set systems and personnel in accordance with rules and regulations, the regulator said in statement on Wednesday. The company’s operation had already been suspended by the SEC since September because of similar issues. 

“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.”

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