Hong Kong-listed Huobi Technology Holdings Ltd will shut its cryptocurrency trading platform‘s Thailand unit on July 1 after the country’s Securities and Exchange Commission (SEC) revoked its license.
Fast facts
Huobi Thailand said the firm will no longer have any connections or legal bindings with Huobi Group following the closure.
The SEC confiscated the crypto exchange‘s Thai license in May, apparently due to failure to organize personnel and systems in line with the country’s regulations.
The exchange had already stopped operating since September due to regulatory pressure.
In a case of whiplash for the countrys crypto industry, the SEC banned Bitcoin and other crypto payments while the ministry of finance eased crypto tax requirements in March.
Thailand banned baht-pegged stablecoins in 2021.
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