Difficulties have increased in recent months for many firms associated with the crypto market. Hong Kong-listed Huobi Technology Holdings’ crypto exchange in Thailand is closing next month. The license of the exchange has been canceled by the securities regulator of Thailand. This makes it an unauthorized digital asset trading platform in Thailand.
Huobi has contacted investors to withdraw funds. issued by the firm statement “Some of the customers are yet to be contacted,” it said. Along with this, the firm has also given the email and telegram addresses of those who have not yet withdrawn their assets. Huobi has said that customers will not be able to claim their assets once the exchange is completely closed. “Huobi Thailand will have no connection or legal obligation with Huobi and its affiliated firms,” the firm says. Thailand’s Securities and Exchange Commission (SEC) announced the delisting of the exchange last week.
However, the SEC did not provide further details. The SEC said that Huobi’s Thailand unit had failed to make changes to its systems in accordance with the rules. The SEC reported that after an investigation conducted last year, Huobi was given an extension to comply with the rules but the exchange did not meet regulatory requirements. Subsequently, the SEC denounced Huobi’s trading and information technology systems and ordered the exchange to return the assets of all Thailand-based clients.
This exchange was launched in Thailand by Huobi two years ago. It allows trading of four digital assets – Bitcoin, Ether, Tether and Huobi Token with Thai Baht. in many countries in the last few months crypto Scrutiny of firms belonging to the segment has increased. Fraud cases have also increased with those trading in cryptocurrencies. Some countries are also working on making laws for the crypto segment. Due to rising interest rates in the US and some other reasons, there is a decline in the crypto market and due to this investors have lost millions of dollars.