Cryptocurrency exchange operator Huobi has announced that it is closing its division in Thailand after its license was revoked by the Ministry of Finance of the country.
The Huobi Thailand platform has said in a statement that it will be “permanently” shutting down as of July 1.
The Thai Securities and Exchange Commission (SEC) has explained that it had advised the Ministry of Finance not to renew the license because the exchange had not brought its “staff structure and internal systems” into line with regulatory requirements.
For these reasons, in September last year, the regulator suspended the operation of the platform and applied to the Minister of Finance for the withdrawal of approval for the operation of the exchange.
The SEC Board made a decision based on the results of the audit conducted in the spring.