Despite multiple extensions granted by the Thai SEC, Huobi Thailand failed to resolve system difficulties.
Huobi's Thailand activities will be permanently shut down. Huobi Thailand, a subsidiary of the Seychelles-based corporation, was red-flagged by the local watchdog in February-March 2021 for violating regulations.
"Huobi Thailand is no longer a licensed exchange as a result of the SEC's decision. "On July 1, 2022, we will permanently shut down the platform," the corporation announced on its website.
Huobi said that despite its efforts to contact customers and request that they remove their funds, some customers remain unreachable.
It gave contact information for clients who wanted to withdraw their funds once the portal was completely shut down.
The crypto exchange was ordered by the watchdog on April 1, 2022, to temporarily suspend its activities, restore its clients' assets, and address the regulatory breaches within three months.
After a couple extensions and Huobi's failure to address the SEC's concerns, the agency recommended to the Finance Ministry in September last year that the exchange's license be revoked.