Thai SEC Considers Revoking Huobi’s License

The Thai Securities and Exchange Commission (SEC) recommends the Minister of Finance to consider revoking Huobi’s operating license.

Sponsored Sponsored

In an official announcement this past weekend, the Thai SEC gave the Minister of Finance a recommendation  on regulations against Huobi. The statement said the Minister should consider revoking the exchange’s operating license.

In the meantime, the SEC plans a halt on all Huobi services. As such, the exchange must return all assets to customers within three months of the SEC order. These actions come after an investigation into the exchange earlier this year.

Sponsored Sponsored

Between February 2021 and March 2021 the regulators found the exchange with an inadequate management structure and operations. These findings are in accordance with the relevant announcements and rules previously set by the regulators.

According to Thai law, Huobi initially had until April 1 of this year to make the changes. After not complying up to the set date, the exchange asked for an extension. They then had until August 31, which they also missed.

This past weekend, the SEC called for the final revocation of the exchange’s license for failing to comply after months of grace. Huobi now has three months to return all its clients’ property.

Thailand Continues Crypto Clean Up

The federal financial regulators in Thailand are on the prowl in the crypto space. Earlier this summer the Thai SEC filed a criminal complaint against Binance. The complaint was for its operations in the country without the proper license. However, this isn’t particularly unique for Binance.

Across the globe, Binance had a rocky summer. The exchange shut down operations in various countries in an effort for more informed compliance with local regulations.

However, Binance isn’t the only crypto-related venture affected by Thailand’s watchful regime. Back in May of this year the Thai regulators forced in-person KYC. According to government officials it was an anti-money laundering effort.

Nonetheless, the global crypto community watches as governments catch on to the space.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored Share Article

Related topics

Savannah Fortis

Savannah Fortis is a multimedia journalist covering stories at the intersection culture, international relations, and technology. Through her travels she was introduced to the crypto-community back in 2017 and has been interacting with the space since.

Follow Author

More Articles

RELATED NEWS

NewsNow

Check Also

Elon Musk Says Dogecoin Fees Need to Drop to be Viable for Purchases

Dogecoin fees would need to fall for the cryptocurrency to become more widely used in retail purchases, Elon Musk said on Wednesday.