The Securities and Exchange Commission (SEC) of Thailand wants the Finance Ministry to revoke the license of Huobi's Thai subsidiary as it it failed to fix system flaws after more than five months, the Bangkok Post reports.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
According to the regulator's official statement, the subsidiary is required to temporarily suspend all services and return assets to clients within three months. The SEC said it had found flaws in the subsidiary's management structure and platform. These flaws, according to the agency, violated regulations.
Earlier in August, the SEC proposed new amendments to the regulations on cryptocurrency custodian. The revision aims to "enhance protection for digital asset investors." The regulator particularly wants to prohibit custodians to use clients' fiat funds for the benefit of other persons.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.