September 6, 2021

Thailand's regulator urged to strip bitcoin exchange Huobi of its license

Thailand's regulator urged to strip bitcoin exchange Huobi of its license

The Securities and Exchange Commission of Thailand (SEC) has asked the country's Ministry of Finance to revoke the license for trading in digital assets from local "daughter" bitcoin exchange Huobi. This is stated on the website.

According to the statement, the regulator identified deficiencies at Huobi Thailand between February and March 2021. The company had until Aug. 31 to bring it into compliance.

As of Sept. 2, the company had not complied or corrected the identified problems, according to the SEC.

The Securities and Exchange Commission has decided [...] to recommend that the Minister of Finance consider revoking Huobi's license, the notice said.

In May, the bitcoin exchange suspended some services and products in some jurisdictions and also refused to host miners in mainland China.

Later, Huobi closed access to trading cryptocurrency derivatives to citizens of China, the United Kingdom and several other countries.

Recall, in August, the Spanish regulator warned Huobi and several companies about the unacceptability of operating without registration.

Jack Evans

About the author

I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments. 

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