Huobi Thailand, an exchange based in Thailand, has had its license revoked. As a result of this, Huobi Thailand announced today that it will close down operations on July 1, 2022.

The Huobi Thailand team informed customers that it had been attempting to contact them since September of last year, according to the statement. The objective of the campaign was to persuade users to withdraw their money from the platform. Additionally, the exchange has posted a notice on its website.

However, Huobi Thailand has been unable to reach some clients.

In order to allow customers to withdraw funds even after the exchange has closed, Huobi will keep some communication channels open. These are Telegram (@HuobiTH_Refund) and email (huobith.refund@gmail.com).

Huobi Thailand stated that it had no authority over the Huobi Group or its affiliates and would not be held liable for any difficulties with them.

The closing of Huobi Thailand came as a surprise, according to the country’s official news agency. The exchange also expressed its gratitude to its clients for their loyalty throughout the years.

Thai SEC continues to crackdown on crypto exchanges.

On May 17, the Thai Securities and Exchange Commission revoked Huobi Thailand’s license because it had not followed local rules. The exchange has been shut down twice before, the most recent being in September 2021.

The SEC’s allegations against Huobi Thailand date back to March 2021, according to its statement. The securities commission claims that the exchange was warned about its insufficient system safeguards at the time. The SEC maintains that it has given the exchange several extensions to resolve the issue.

In doing so, the exchange neglected to follow through with rules, prompting the hand of the regulator. Exchanges must disclose when their systems have failed. The Thai SEC is hoping that through these disclosures, it will be able to better protect consumers.

Thailand is one of the most crypto-friendly nations in Asia at the moment. Exemptions from taxes are offered to traders in the country. Cryptocurrency exchanges in Thailand are regulated by the government. However, the country’s regulator is still finding faults with cryptocurrency exchanges.

The Thai SEC filed a criminal complaint against Binance. The regulator accused Binance of operating a digital asset business in the country without authorization.