So far most of the crypto enthusiasts will for sure know that the Thailand Securities and Exchange Commissions (SEC) is one of the most feared upon next to the U.S SEC. Most of its rules and regulations are in parallel with that of the U.S SEC. In spite of this, many crypto exchanges deadly fear of Thailand. With its orders to ban the most renowned crypto exchange the Binance a few months back, now the next in line for Thailand’s ban is the Huobi exchange.
The SEC’s Ban on Huobi
It’s rather a usual thing for cryptocurrency exchanges getting into many controversies. And so, if it’s a renowned and even more well established one, then so do the allegations upon it goes higher and higher. In spite of all this, the Thailand’s Securities and Exchange Commission (SEC) now puts a ban on the Huobi crypto exchange.
Despite receiving its operating licence somehow, now the Huobi exchange will be revoked and stripped off its operating licence in Thailand. In spite of this, the Thailand SEC has instructed Thailand’s Ministry of Finance to strip-off Huobi’s operating licence in the country.
In addition, the Thailand SEC has ordered Huobi to immediately cease and stop all its operations and services within the nation. Accordingly, it’s also ordered that the Huobi exchange should make necessary steps for returning back all the assets of its customers within the nation in a time period of three months maximum. Also, if Huobi fails in returning the assets, then serious fine charges and legal actions are to be taken upon the firm.
The SEC’s Reasonings
On the other hand, the SEC of Thailand states that Huobi has failed extremely in its functions upon the nations. In spite of this, between the period of February 2021 to March 2021, numerous investigations were in action upon the firm. And so, various allegations and flaws upon the system were found in the Huobi’s operations.
Moreover, from the outcomes of the investigations, flaws were found in Huobi’s systems on various factors like the users assets retention, information technology systems and much more.
And so, the SEC gave Huobi a time period of more than five months to fix all issues and clear off all the allegations.
However, the Huobi exchange failed in providing all the necessary documents and correcting its flaws.
Therefore, it seems that the SEC of Thailand couldn’t be blamed so much.