The Thai Security and Exchange Commission (SEC) has revoked Huobi’s operational license for failing to comply with local regulations. As a result, Huobi’s operations will be permanently shut down in Thailand from July 1st, 2022.
Huobi to Exit Thailand
Huobi Thailand was launched in February 2020 as part of the exchange’s move to double down on global expansion, following its exit from China. However, the exchange will now be forced to exit the Thai market after having its license revoked by the SEC.
In September 2021, the Thai SEC ordered a suspension of Huobi’s services in the country, but moved to fully revoke its license in May, as the exchange failed to comply with local regulations.
In light of the decision, Huobi has announced that it will permanently exit the Thai crypto space on July 1st. Huobi’s departure marks the end of its short-lived ambition in the Southeast Asian country, where crypto adoption has flourished.
Thailand Continues Tightening Regulations
Despite being one of the biggest adopters of decentralized finance (DeFi), authorities in Thailand have been working to better regulate and restrict the use of crypto-based payments, especially in the midst of crashing crypto values.
As of February, eight licensed crypto exchange platforms are operating in Thailand, with Bangkok-based Bitkub at the forefront of the Thai crypto movement.
On the Flipside
- Huobi Global has redoubled its efforts to enter the Latin American market, purchasing crypto exchange Bitex to gain a foothold in the region.
Why You Should Care
Huobi’s exit from Thailand is the latest indication of the growing trend of crypto market regulation being seen across the globe.
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