The Securities and Exchange Commission of Thailand investigated Huobi, earlier this year, and discovered that the exchange does not have the license to operate in Thailand.
Specifically, the SEC complained that Huobi has an inadequate work system and management structure. The Commission proceeded to note that it has informed Huobi of a need to adjust accordingly, which the exchange didn’t.
According to the Commission, it told Huobi to stop its services for the main time and correct its loopholes. However, the SEC claimed Huobi always asks for an extension. Hence the reason the Securities and Exchange Commission extended the deadline to the last day of August.
Huobi, as the spokesman of the SEC revealed, has not yet fixed its systemic issues till now. Therefore, the Commission has resolved to intimate the Minister of Finance with the current development and ask the Minister to revoke Huobi’s operational license.
As of press time, Huobi has not released an official statement regarding whether or not it has fixed its structural flaws. On the other hand, the Minister of Finance hasn’t granted the recommendation to revoke Huobi’s license.