Huobi, the world’s sixth-largest crypto exchange by trading volume, said it will terminate all of its services in Thailand by the end of this month.
The local branch of Houbi, which is branded as DSDack, will permanently cease operations for Thai users on July 1. The statement notes that customers will be able to log in and withdraw their money and assets within a few weeks.
The move comes shortly after Thailand’s Securities and Exchange Commission (SEC) suspended the services of Houbi and revoked its operating license. With the suspension in place, Huobi has been given three months to return all assets to its clients.
Huobi received the cease order after failing to comply with local regulations related to its operations and management structure, the regulator says.
According to the Thai SEC, Huobi had been given an extension to remedy the breach of compliance which was spotted…
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