The trading platform failed to meet the requirements of the Securities and Exchange Commission in due time
The Securities and Exchange Commission of Thailand (SEC) has recommended the country’s Ministry of Finance to deprive the local subsidiary of cryptocurrency exchange Huobi of its license to conduct financial activities.
The regulator said in a statement that the trading platform failed to meet the requirements it was given in March of this year. The company had until Aug. 31 to correct the problems identified.
“No evidence was found to show that Huobi was able to adjust its operating system and personnel to meet the necessary criteria within a specified period,” the SEC said in a statement.
Huobi is one of the largest cryptocurrency exchanges in the Asian region. The trading platform was founded in Singapore in 2013. The exchange has offices in Hong Kong, South Korea, Japan and the United States.
In July, the Securities and Exchange Commission of Thailand initiated an investigation against the world’s largest cryptocurrency exchange by trading volume, Binance.