Crypto exchange platform Huobi Thailand will cease operations in the country from July 1, according to a recent announcement.
The announcement mentioned that Huobi Thailand is working on contacting its customers so that they can withdraw their assets before the platform is shut down.
Post shut down, customers can contact the platform through their email and telegram channels.
The platform also clarified that after it is closed, it will no longer be associated or legally binding on the Huobi Group and its affiliates.
“We are very sorry that our journey has ended,” said Huobi Thailand. “And we sincerely thank you for the support of all customers.”
This decision comes after Thailand’s Securities and Exchange Commission (SEC) revoked the platform’s license due to failure to comply with the country’s crypto regulations.
The platform was launched in Thailand just two years ago, however its services have been suspended since early September of last year following a ruling from Thailand’s SEC.
Thailand has one of the world’s highest adoption rates of DeFi, or decentralized financial services and the country has been promoting crypto adoption. Recently the Thai government announced that no VAT will be applicable on the transfer of crypto or digital tokens on digital asset exchanges.