According to reports, Thailand’s SEC is now finally planning to get permission to revoke the license of the Huobi Thailand crypto Exchange.
This whole matter starts from the February & March 2021, Investigation of Thailand’s regulators on the Huobi crypto exchange. According to the regulators, Huobi was not able to comply with their regulation and guidelines perfectly. And Exchange’s that flaw is violating Section 35 of the Digital Asset Act.
In a meeting held on 1 April, regulators planned to suspend the services for that interval of time until the flaw gets fixed by the exchange.
But Huobi Thailand requested not to stop their services and asked for the extension of time, so that they can work perfectly with their business. At the end permission for the time extension was granted for Huobi.
But now again after more than 5 months, Huobi hasn’t fixed that flaw, so Thailand’s SEC decided on Thursday that they will ask the Finance Ministry to revoke the licence of Huobi Thailand’s.
If regulators will get approval to revoke the license then, Huobi exchange will be ordered to stop and close their services within 15 days with the return of all the assets of their customers.