Thai SEC is considering revoking Huobi’s license

Securities and Exchange Commission of Thailand (SEC) recommends that the finance minister consider revoking Huobi’s operating license.

In an official announcement last weekend, Thailand’s SEC gave the finance minister a recommendation on regulations against Huobi. statement said the minister should consider revoking the exchange’s license to operate.

Meanwhile, the SEC plans to stop all of Huobi’s services. refore, the exchange must return all assets to clients within three months of the SEC’s order. se actions come after an investigation into the exchange earlier this year.

Between February 2021 and March 2021, regulators found the exchange with an inadequate management structure and operations. se results are in accordance with the relevant announcements and the rules previously established by the regulatory authorities.

Under Thai law, Huobi initially had until April 1 of this year to make the changes. After missing the set date, the exchange requested an extension. n they had until August 31, which they also lost.

Last weekend, the SEC requested a permanent revocation of the exchange’s license for failure to comply after months of grace. Huobi now has three months to return all of its clients’ sifates.

Thailand continues to clean up cryptocurrencies

Federal financial regulators in Thailand are lurking in the crypto space. Earlier this summer, the Thai SEC filed a criminal complaint against Binance. complaint referred to their operations in the country without the proper license. However, this is not particularly unique to Binance.

Also Read 11 South Korean Stock Exchanges Close Amid Investigations From Regulators

Around the world, Binance has had a rough summer. exchange has closed operations in several countries in an effort for more informed compliance with local regulations.

However, Binance is not the only crypto-related company affected by Thailand’s vigilante regime. In May this year, Thai regulators imposed the KYC themselves. According to government officials, it was an effort against money laundering.

However, the global crypto community is watching governments zoom into space.

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