BANGKOK (NNT) - Crypto exchange Huobi Thailand has announced on its website that it will permanently shut down on July 1.

 

The Securities and Exchange Commission (SEC) said last week that it revoked the firm’s crypto-exchange license last month after it failed to set systems and personnel in accordance with rules and regulations. The SEC had already suspended the company’s operations since September 2021 over similar issues.

 

The Ministry of Finance had previously granted Huobi Thailand a digital asset trading license that allowed users to purchase Bitcoin, Ethereum, Huobi Token and stablecoin USDT with Thai baht.

 

Thailand has seen one of the world’s highest adoption rates of crypto and decentralized financial services (DeFi), next to the United States and Vietnam, though the Thai government has been stepping up regulation of crypto-based payments as cryptocurrencies plummet in value.

 

The kingdom currently has eight licensed crypto exchange platforms in operation, the biggest being Bangkok-based Bitkub.

 

Huobi Thailand was created using technology provided by Huobi’s blockchain solution provider, Huobi Cloud, which helps third parties set up exchanges and other crypto-related services.

 

Huobi Thailand was launched just over two years ago, as Huobi itself was accelerating its global expansion after exiting China, where it originated. China has launched a series of crackdowns on crypto trading in recent years, prompting related businesses to move overseas and attract international customers.

 

-- © Copyright NNT 2022-06-20

 

- Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here.

 

Easiest way to own or rent a car in Thailand - click here to find out more!

Just a hunch but give it a year or two and there will only be one left.

2 hours ago, ukrules said:

Just a hunch but give it a year or two and there will only be one left.

And we all know who that will be.

2 hours ago, ukrules said:

Just a hunch but give it a year or two and there will only be one left.

If that

16 hours ago, ukrules said:

Just a hunch but give it a year or two and there will only be one left.

Would that be the one taking a dive too?

4 hours ago, hotchilli said:

Would that be the one taking a dive too?

I'm pretty sure it will be Bitkub.

21 hours ago, ukrules said:

Just a hunch but give it a year or two and there will only be one left.

but in a year or two crpto will GO TO ZERO! source: Thaivisa crypto forum.