Huobi Thailand To Shut Down and Huobi's controversy begins

[Yugocean]

The controversy over the centralized network in the cryptocurrency market is not going to stop, and now due to the decision of the Thai government, Huobi's name has also been added to it.

The Securities and Exchange Commission of Thailand has unrecognized Huobi's Thailand unit on June 15 (Wednesday), and the unit on June 16 (Thursday) issued a statement that confirmed the derecognisation, and informed it is going to shut down permanently on July 1, 2022.

Regarding its customers, Huobi Thailand has admitted that there are still many customers who have not withdrawn their assets. However, Huobi Thailand has also made it clear that it will no longer have any binding or legal liability with the Huobi Group after the closure.

. This clearly means that Huobi Global will not take any responsibility for the consumers of Thailand who have invested in their local unit, and, for whatever reason, have not been able to withdraw their investment.​

 

[Suba]

In February 2021, I heard the Thai SEC conducted a review and examination on the Huobi Exchange and found flaws in the structure so that it was flagged as violating Thai government rules. In May 2022, the Thai SEC has revoked Huobi's license to operate or will close Huboi's operations for the long term. Huobi exchange is also required to return all assets belonging to customers.

 

[Yugocean]

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In February 2021, I heard the Thai SEC conducted a review and examination on the Huobi Exchange and found flaws in the structure so that it was flagged as violating Thai government rules. In May 2022, the Thai SEC has revoked Huobi's license to operate or will close Huboi's operations for the long term.​

So that is clear Huobi wasn't serious in keeping it's business in Thailand, otherwise why they needed a separate thai branch, which have no responsibility connection with Huobi global if it shuts down?
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Huobi exchange is also required to return all assets belonging to customers.​

This last line is more important, because investors will get their assets back and invest elsewhere. However, there are still some investors who did not got their assets back. And Huobi Thailand's shutdown will close it's door with Huobi global, so the question is how those people are going to get their funds back?

This clears that Actually Huobi itself started this problem and want to go away with funds without any responsibility.
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