Huobi closes its crypto exchange in Thailand in July – TechCrunch


Huobi, one of the largest crypto exchanges in the world, will permanently shut down its exchange in Thailand on July 1, it announced on its website.

This marks Huobi’s short-lived expansion into the Southeast Asian country where crypto adoption is booming. According to blockchain analytics firm Chainalysis, Thailand has one of the world’s highest adoption rates of DeFi, or decentralized financial services, nestled alongside the United States and Vietnam.

Nonetheless, the Thai government has tightened the use of crypto-based payments amid falling crypto value. The country had eight licensed crypto exchanges as of February, with Bangkok-based Bitkub leading the pack.

Huobi was launched in Thailand just over two years ago as the company doubled down on its global expansion after emerging from China, where it was originally founded. China has launched a series of crackdowns on crypto trading in recent years, prompting related companies to move overseas and seek foreign customers.

Huobi previously held a digital asset trading license issued by the Thai Ministry of Finance which allows its users to purchase Bitcoin, Ethereum, Huobi Token, and stablecoin USDT using Thai baht.

In September, Thailand’s Securities and Exchange Commission revoked Huobi’s business license after finding “shortcomings and deficiencies in Huobi’s management structure and work systems, preventing the company from operating its business in accordance to the regulations in force”.

Huobi said it was in the process of returning user assets, but would not be responsible for issues with its Thai branch after the platform was shut down in July.

“We are sorry that our journey has come to an end and we sincerely thank you for your long support,” Huobi Thailand wrote.

Tech

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