The Minister of Finance, on the recommendation of the SEC, has ordered the revocation of the digital asset exchange business license of Huobi (Thailand) Co., Ltd. (Huobi), which was later renamed to D. Esdaq (Thailand) Co., Ltd. since May 17, 2022, as the SEC has a resolution to recommend to the Minister of Finance. due to failure to rectify the work system and personnel to be ready and in accordance with the relevant rules and conditions as ordered by the SEC
Since the Securities and Exchange Commission (SEC) has inspected Huobi, which has been licensed to operate a digital asset business as a cryptocurrency trading center. and digital token trading center according to the Royal Decree on Digital Asset Business B.E. and the work system is inadequate and insufficient to ensure that the business operation is in accordance with the relevant announcements and rules of the SEC in the meeting No. 5/21 on March 19, 2021
Therefore, there was a resolution to order according to section 35, paragraph one of the Digital Assets Act for Huobi to fix the work system and later Huobi could not fix it within the specified period, the SEC has therefore The resolution of the order under Section 35, paragraph two of the Digital Assets Act, instructs Huobi to temporarily suspend its services and fix the deficiencies of various systems to complete within the specified time. including ordering Huobi to return the assets according to the wishes of the customer, which Huobi has continuously requested to extend. And the SEC has extended the correction period as requested by Huobi until August 31, 2021, when it is due, Huobi has not been able to fix the problems of various systems.
The SEC, in its meeting no. 15/21, on September 2, 2021, considered that Huobi had violated and failed to revise the above work system to comply with the relevant rules according to the order of the SEC. The SEC, although the SEC has extended the correction period to many times as requested by Huobi, including a total correction period of 5 months and 12 days, the work system that Huobi cannot fix is a system of work. Important to the business are trading system, customer asset retention system. and information technology systems, Huobi said that it had negotiated a new work system and requesting an extension of the correction period But did not find the facts that show that Huobi will be able to fix the work system and personnel to be ready and in accordance with the relevant criteria within the requested period.
The SEC, at its meeting No. 15/21, held on September 2, 2021, therefore resolved to recommend to the Minister of Finance. to consider revoking the license to operate a cryptocurrency exchange trading center and Huobi’s digital token trading center, and ordered Huobi to suspend its services as a digital asset trading center. During the suspension of such services, Huobi must return the property to the customer or buy back the customer’s property. Ready to set Huobi to act to protect the benefits of customers
The Finance Minister, on the recommendation of the SEC, considered that Huobi still violated and failed to comply with the SEC’s order conditions under Article 35, paragraph one and paragraph. Two places of the Digital Assets Act Therefore, by virtue of Section 35, paragraph three of the Digital Assets Act. Cryptocurrency Trading Center Digital Asset Business License Revoked and a digital asset business license in the category of a digital token trading center of Huobi, effective from May 17, 2022.
In this regard, for Huobi customers, please contact to get the assets deposited with Huobi back by contacting through the company’s channel. If in doubt, can contact for advice at “SEC People’s Service Center” call 1207 or via Facebook page “SEC Office” or SEC Live Chat at the SEC website or email[email protected]
The post Hua Bi (Thailand) Co., Ltd. has been delisted from being a Thai digital asset trading center appeared first on Bitcoin Addict.