{"id":463749,"date":"2022-06-16T14:42:16","date_gmt":"2022-06-16T11:42:16","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/huobi-to-permanently-shut-crypto-operations-in-thailand\/"},"modified":"2022-06-16T14:42:16","modified_gmt":"2022-06-16T11:42:16","slug":"huobi-to-permanently-shut-crypto-operations-in-thailand","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/huobi-to-permanently-shut-crypto-operations-in-thailand\/","title":{"rendered":"# Huobi to permanently shut crypto operations in Thailand"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2535e49ed32\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2535e49ed32\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/huobi-to-permanently-shut-crypto-operations-in-thailand\/#%E2%80%9D_Huobi_to_permanently_shut_crypto_operations_in_Thailand_%E2%80%9C\" >&#8221; Huobi to permanently shut crypto operations in Thailand &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Huobi_to_permanently_shut_crypto_operations_in_Thailand_%E2%80%9C\"><\/span>&#8221; Huobi to permanently shut crypto operations in Thailand &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvYjg2NWJmZTgtNWRiNC00ZjU5LTljNTMtMzMxY2QxOWEwNDc1LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>Huobi\u2019s Thailand unit is set to wind down operations by July 1, after its operating license was revoked by the Thai Securities and Exchanges Commission (SEC).<\/p>\n<p>The Thai SEC revoked Huobi\u2019s license in May after it failed to comply with the local regulations. The permanent closure orders come nearly eight months after the regulators suspended the exchange\u2019s services in September.<\/p>\n<p>The exchange claimed it has tried to fix the regulatory issues but would have to wind down operations owing to SEC orders. <\/p>\n<blockquote><p>\u201cDue to the SEC decision, Huobi Thailand is no longer an authorized digital asset exchange in Thailand. We will be shutting down the platform permanently on July 1, 2022.\u201d<\/p><\/blockquote>\n<p>The official <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.sec.or.th\/TH\/Pages\/News_Detail.aspx?SECID=9474&amp;NewsNo=97&amp;NewsYear=2565&amp;Lang=TH\">statement <\/a>from the Thai SEC revealed that the crypto exchange was first warned about its inadequate system measures in March last year. The crypto exchange was also granted multiple extensions to fix its trading system, customer asset retention system. and information <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> systems, but despite multiple extensions and assurances, the crypto exchange failed to comply with SEC regulations.<\/p>\n<p>Thus after a thorough review of the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">series<\/a> of violations and failure to fix the issues, the regulatory body decided to revoke the digital asset business license permanently on May 17, 2022.<\/p>\n<blockquote><p>\u201cThe Finance Minister, on the recommendation of the SEC, considered that Huobi still violated and failed to comply with the SEC&#8217;s order conditions. Digital asset business license in the category of a digital token trading center of Huobi is revoked, effective from May 17, 2022.\u201c<\/p><\/blockquote>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Thailand SEC bans crypto payments, seeks disclosure of system failure from exchanges<\/em><\/strong><\/p>\n<p>The crypto exchange has put out a notice on its official Thai platform website, reminding customers to withdraw their funds and also left a refund address to contact in case users fail to withdraw their funds before the permanent closure. <\/p>\n<p>Huobi didn\u2019t respond to requests for comments from Cointelegraph at press time.<\/p>\n<p>Thailand is considered as one of the progressive crypto nations in Asia with tax exemptions for traders and a regulated environment for crypto exchanges. However, many crypto exchnages in the past have faced issues with the regulatory guidelines including Binance.<\/p>\n<p>Earlier in March this year, the Thai SEC banned crypto as a means of payment and also announced that crypto exchanges must disclose their system failures to ensure user protection.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/huobi-to-permanently-shut-crypto-operations-in-thailand\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Huobi to permanently shut crypto operations in Thailand &#8220; Huobi\u2019s Thailand unit is set to wind down operations by July 1, after its operating license was revoked by the Thai Securities and Exchanges Commission (SEC). The Thai SEC revoked Huobi\u2019s license in May after it failed to comply with the local regulations. The permanent&#8230;<\/p>\n","protected":false},"author":1,"featured_media":463750,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvYjg2NWJmZTgtNWRiNC00ZjU5LTljNTMtMzMxY2QxOWEwNDc1LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74863,74860,75591,70934,71469],"class_list":["post-463749","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cryptocurrencies","tag-cryptocurrency-exchange","tag-huobi","tag-regulation","tag-thailand"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/463749","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=463749"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/463749\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/463750"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=463749"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=463749"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=463749"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}