HUOBI THAILAND WILL SHUT DOWN ITS EXCHANGE PERMANENTLY
This marks the temporary desire for exchange in the Southeast Asian country where crypto adoption is flourishing. According to blockchain analytics company, Chainalysis, Thailand has the world's highest rate of acquisition of DeFi, or a separate financial services, located close to the US and Vietnam.
However, the Thai government has been cracking down on the use of crypto-based payments amid a crypto currency collapse. The country has had eight licensed crypto exchanges since February, with Bangkok based Bangkok leading the package.
Despite its name, Huobi Thailand has a strong connection with Huobi, which is one of the largest crypto exchanges in the world. Huobi Thailand was created using technology provided by Huobi Cloud, Huobi's blockchain solution provider that assists third parties without IT skills to set up over-the-counter transactions with other crypto-related services.
Huobi Thailand was launched just over two years ago as Huobi itself doubled in global expansion following its exit from China, where it was originally founded. China in recent years has introduced a series of challenges to crypto trading, prompting related businesses to relocate overseas and seek foreign customers.
"As part of Huobi Group's global expansion strategy, Huobi Cloud is looking for qualified local partners to work with," said the parent company when Huobi Thailand obtained a license to operate the country's digital asset exchange.
Huobi Thailand was granted a digital commodity trading license issued by the Thai Ministry of Finance allowing its users to purchase Bitcoin, Ethereum, Huobi Token, and stablecoin USDT via Thai Baht.
In September, the Thai Securities and Exchange Commission revoked Huobi Thailand's operating license after discovering "the shortcomings and shortcomings of Huobi's administrative structure and applications, making it impossible for the company to conduct its business in accordance with applicable laws."
Huobi Thailand said it was in the process of returning the goods to users but would not deal with any problems related to the stadium after the July closure.
"We are sorry that our journey has come to an end, and we are very grateful for your long-term support," wrote Huobi Thailand.