Huobi Thailand, a crypto exchange for day trading, announced on Monday it will permanently shut down on July 1. Huobi Thailand was one of Southeast Asia’s top 10 crypto exchanges.
A crypto-exchange license was revoked last week by Thailand’s Securities and Exchange Commission (SEC) after the company failed to comply with rules and regulations regarding systems and personnel.
Similar issues had already led to the SEC suspending the company’s operations in September 2021.
Huobi exchange for day trading had previously been granted a digital asset trading license that allowed users to purchase Bitcoin, Ethereum, Huobi Tokens, and stablecoin USDT with Thai baht.
Apart from the United States and Vietnam, Thailand has seen one of the highest adoption rates of crypto and decentralized financial services (DeFi), although the Thai government has been stepping up regulation of crypto-based payments.
Huobi Thailand Announcement
Currently, there are eight licensed crypto exchange platforms in operation in the kingdom, the largest of which is Bitkub, based in Bangkok.
The crypto trading platform uses technology provided by Huobi Cloud, a blockchain solution provider that helps third parties create crypto exchanges.
The crypto trading platform was launched just over two years ago, as Huobi itself was accelerating its global expansion after exiting China’s, no-fee crypto exchange.
China has launched a series of crackdowns on crypto trading platforms in recent years, prompting related businesses to move overseas and attract international customers.