Huobi Thailand License Revoked, Crypto Exchange To Shut Operations
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Crypto exchange platform, Huobi is winding down its operations in Thailand, according to the statement by the platform. This closure is due on the 1st of July, 2022.
The whole process of closing down somehow got aggravated after Huobi got into some trouble with the local watchdog earlier last year when it was found to have violated regulations.
The reason for this move can be attributed to the revoking of Huobi’s license as an exchange. The Board of the Securities considers the crypto exchange platform an unauthorised digital asset trading centre in Thailand.
Reports from Chainanalysis supposedly mentions that Thailand has one of the highest adoption rates of DeFi (Decentralised Finance) right after the US and Vietnam in ranking.
Despite having a positive stance about crypto, the Thailand government are introducing ways to control and oversee crypto.
As of early 2022, the country had a total of eight crypto currency exchanges that were licensed.
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