Thailand’s Securities and Exchange Commission went on to stop prominent cryptocurrency exchange Huobi from functioning in the region after it did not comply with the regulations put in place.
The crypto-verse has been heavily monitored by regulators from across the globe. As more and more people have been diving into the crypto market, regulators have started to take charge and be more stringent with regard to laws. The Thailand government seemed to be taking an extreme step after it encountered trouble with Huobi.
In a recent announcement, the Thai SEC revealed that it had temporarily halted Huobi from operating in the country. Alongside this, the financial watchdog hopes to revoke the crypto exchange’s license.
Thailand SEC hopes to revoke Huobi’s license
In the notice, the SEC pointed out that it had given Huobi exactly three months to give back its customers their respective assets. The Thailand SEC reportedly called out the exchange back in February 2021 for its breach of compliance. However, the exchange did not match the requirements put forth by the regulator. Despite this, the SEC went on to give Huobi an extension up until the end of August 2021.
The announcement further read,
“The SEC, in its meeting no. 15/21 on September 2, 2021, considered that Huobi did not modify the above work system to comply with the relevant rules as ordered by the SEC. .T. Even the SEC has extended the correction period several times as requested by Huobi, including the total amendment period of 5 months and 12 days. Huobi can’t fix it. It is a system that is important to business operations, such as a trading system, a customer asset retention system. and information technology systems. “
Additionally, the regulator intends to revoke the exchange’s license with the Ministry of Finance. This could make this temporary suspension a permanent one.