Crypto Exchange Huobi Thailand Permanently Shut Down from July 1st

According to a report on June 17th, Huobi.com, one of the world’s largest cryptocurrency exchanges, will permanently shut down its Thailand operations on July 1st after the Securities and Exchange Commission (SEC) of Thailand revoked its operation license. The statement was announced on its official website.

Huobi is one of the world’s largest crypto exchanges. (Photo Credit: Shutterstock. Photo Source: decrypt.co)

Huobi Thailand Exchange had held a digital asset trading license issued by the Ministry of Finance of Thailand, and could legally trade 4 cryptocurrencies such as BTC, ETH, HT and USDT.

In September 2021, the Securities and Exchange Commission of Thailand found Huobi’s management structure and working systems were deficient and inadequate to conduct business in compliance with the governing regulations, and therefore revoked its operation license.

As revealed by the professionals, Huobi is a cryptocurrency platform invested by the regime of the Communist China’s kleptocracy and powerful families. It is complicit with Binance to conduct large-scale money laundering around the world. A small portion of accounts on these two platforms have absorbed most of the illegal bitcoins with total value over $819 million.