Huobi Cryptocurrency Exchange Could Have Its License Revoked, Operations Suspended

Date:

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. 

Utsav K.
Utsav K.
Utsav is a senior crypto journalist and has been an active member in the community from even before the first major crypto boom back in 2017. In his writings, he focuses on analysing price trends and investigating policies. If you want to understand the practical implications and uses of complex technical protocols, he is your guy.

Leave A Reply

Please enter your comment!
Please enter your name here

Share post:

Subscribe

spot_imgspot_img

Popular

More like this
Related

Bitcoin’s Path to $85,000-$90,000: Bullish Surge and Halving Anticipation Unleashed

March 2024 has marked itself as a pivotal chapter...

Amazon Takes Minority Share in ChatGPT Rival Anthropic AI

Amazon has announced a substantial investment in Anthropic AI,...

Crypto Miner Sells Data Center for $6.1M as Its Shares Plunge 55% in 2024

In a significant move to address its financial woes...

MicroStrategy’s Stance Amidst Bitcoin’s Volatile Journey

The Unwavering Optimism of Michael Saylor In a world where...