The Thailand-based branch of Huobi recently got their services temporarily suspended by the country’s Securities and Exchange Commission (SEC) after it reportedly failed to comply with local regulations. The Commission has recommended invalidating Huobi’s operating license with the Ministry of Finance.
Huobi — branded as DSDack in Thailand — is given a three months period to return all assets back to its clients.
The Commission stated that Huobi was given a warning regarding its breach of compliance during an investigation that started back in February 2021. After it is reported that the Huobi failed to meet the regulatory requirements, the exchange requested for an extension until the end of August 2021, which was granted.
Huobi failed to comply with local regulations related to its management and operations structure within the total extension of 5 months and 12 days. As a result, the exchange receives a suspension order. Huobi will have to return all assets to its Thai-based customers and clients, latest by September 3.
If Huobi failed to return all assets within the given time, it would have to provide a security deposit for customers.
The Thai citizens are allowed to engage in crypto investments. That being said, the local SEC is doing all they can to mitigate the perceived risks associated with trading crypto by issuing regular guidelines to crypto exchanges.
