The problems for one of the top cryptocurrency exchanges, Huobi, seems to be aggravating. Thailand’s Security & Exchange Commission (SEC) has not only issued a warning but also suspended Huobi’s operations in the country. According to the reports, the Thai SEC has also urged the country’s Ministry of Finance to revoke the cryptocurrency exchange’s license to operate in the country.
Huobi’s operations are already suspended in Thailand and the top regulatory authority has given the cryptocurrency exchange a time period of three months to return all crypto assets parked in exchange wallets to their clients.
Huobi has been charged for failing to comply with local regulations. The SEC has said that the crypto exchange had already been informed about non-compliance with the rules back in February 2021.
Despite the repeated failure to comply with local regulations, Huobi was allowed to operate until August. However, now the SEC has put a ban on crypto exchange’s operations and is requesting the concerned ministry to revoke its license.
The SEC has also said that Huobi will have to make a security deposit with the regulator. It will be used as a measure to ensure Huobi doesn’t fail to return the client assets in time. Thailand has been supportive of crypto transactions and operations but recently it has been strict with non-compliance.
Thai SEC keeps on issuing new guidelines both for cryptocurrency exchanges and investors. Recently, it put a ban on cryptocurrency exchanges to list high-risk coins like Meme tokens, fan-based tokens and NFTs.