Asia • June 16, 2022, 8:43AM EDT

Crypto exchange Huobi to close down its Thai unit after regulatory problems

Quick Take

Cryptocurrency exchange Huobi will shut down its operations in Thailand.
The company is urging customers to withdraw their remaining assets from the platform.

Cryptocurrency exchange Huobi will close down its operation in Thailand after it was delisted as a licensed digital trading platform by local regulatory authorities.

According to a statement released by the Thai arm of Huobi, it will permanently shut down its platform on July 1. Huobi is an exchange initially founded in China that allows its users to trade digital assets including BTC and ETH.

Its operations had already been suspended in another ruling by SEC Thailand in September and it had since urged clients to withdraw their assets from the platform. The company said there are still assets on the platform.

“We have been trying our best efforts to contact all customers to withdraw assets,” Huobi said. “However, there is still an amount of out of reach customers which we couldn't contact with."

Huobi's struggle with regulators stands in contrast to some competitors. After some initial problems with regulators in Europe, competitor Binance was recently approved in Italy and France. Earlier this month, FTX launched a licensed trading platform in Japan.