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In April, cryptocurrency activity in Thailand was suspended and it was recommended to revoke its license last September.
On July 1, 2022, huobi digital asset exchange will officially close permanently and cease operations in the Thai market. In February and March 2021, Huobi Thailand ran into trouble with the local watchdog when it was red-flagged for violating the statute.
Huobi officially closes operations in Thailand
In a statement on its website, the company said Huobi Thailand is no longer a licensed exchange due to the sec's board of directors. Huobi will close the platform permanently on July 1, 2022.
market Huobi acknowledged that all its efforts in contacting customers and asked them to withdraw assets. However, there are still some consumers who don't care about it. After permanently closing the platform, it will be the place to provide contact information that helps that customer withdraw their assets.
"Huobi Thailand will no longer have any connections and legal constraints with Huobi Group and its stakeholders as soon as the Huobi Thailand platform officially closes. Huobi Group and its affiliates do not and will not be responsible for any matters related to Huobi Thailand."
Regulator issues
Around February and March last year, the Securities and Exchange Commission of Thailand (SEC) found flaws in the structure and management platform of the electronic exchange.
In April 2022, the investigating authorities asked Huobi to stop all of its services and all transactions, quickly return the assets to customers and immediately correct the prescribed errors within 3 months. Huobi failed to fix the problems after several unsuccessful extensions. The regulator has encouraged the Ministry of Finance to revoke the exchange's business license.
Bitcoin is not part of the plan to use.
Malaysia's deputy finance minister has denied speculation that Thailand plans to adopt Bitcoin as a legitimate form of bidding.
He further explained that due to the many limitations, cryptocurrencies such as Bitcoin are eligible to become popular payment instruments.
Huobi Foundation for Web3, DeFi
Huobi has always been optimistic on the Web3 and DeFi platforms as they create a new investment arm Ivy Blocks that invests up to $1 billion in cryptocurrencies to fund projects related to the sector.
Lily Zhang, Huobi's chief financial officer, said that there are many promising projects that have limited liquidity problems and lack market support. This is a major barrier to the growth of the project. So it is necessary to focus on delivering projects with liquidity investments and incubator services that will create a better, more comprehensive DeFi and Web3 blockchain ecosystem in the future.
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