Huobi, one of the world’s largest crypto exchanges, will permanently shut down its exchange in Thailand on July 1 announced on its website.
This marks Huobi’s short-term expansion in the Southeast Asian country where crypto adoption is on the rise. According to blockchain analysis firm Chainalysis, Thailand has the world’s highest adoption rate of DeFi, or decentralized financial services, next only to the US and Vietnam.
However, the government of Thailand has been tight The use of crypto-based payments in the midst of a crashing crypto price. There were eight licensed crypto exchange platforms in the country februaryBangkok-based Bitkub is leading the pack.
Huobi launched in thailand A little more than two years ago, the firm doubled down on global expansion after moving out of China, where it was originally founded. China has introduced several restrictions on cryptocurrency trading in recent years, prompting related businesses to relocate overseas and seek foreign clients.
Huobi first Held A digital asset trading license issued by Thailand’s Ministry of Finance that allows its users to purchase bitcoin, ethereum, Huobi tokens and the stablecoin USDT using Thai Baht.
In September, the Securities and Exchange Commission of Thailand canceled After Huobi’s operating license was “founded deficiencies and inadequacies in Huobi’s management structure and practices, the company failed to conduct its business in compliance with the governing regulations.”
Huobi said it is in the process of returning users’ assets, but will not be responsible for any issues regarding the Thailand branch following the platform’s shutdown in July.
“We are sorry that our journey has come to an end, and we sincerely thank you for your long support,” wrote Huobi Thailand.