Asian Tech Press (Sep 7) -- Cryptocurrency exchange company Huobi Group, the operator of leading crypto exchange Huobi, said it will no longer provide technical product support for Huobi Thailand due to the expiration of its brand license.

Thailand's Securities and Exchange Commission (SEC) has decided to propose that the Ministry of Finance revoke the digital asset exchange license of Huobi (Thailand) Co., Ltd., currently named DSDAQ (Thailand) Co., Ltd., due to alleged violations of the management structure and deficient rules of the platform, according to an announcement posted on the official website on Saturday.

The Thai SEC announced on September 4 that it is pushing the exchange to suspend its services and return clients' money within the next three months.

Huobi Group responded that Huobi Thailand is based on the original Huobi Cloud project in Thailand, which was built in cooperation with local partners, and Huobi Cloud only provides technical product support and brand license for it.

At present, the brand license and technical service contract have both expired, and Huobi Cloud will no longer provide technical product support for the project. It also emphasized to investors that they should be aware of the risks involved.

Huobi Thailand is the Thai branch of the global cryptocurrency exchange Huobi. This Thai subsidiary received a compulsory license in July 2019, making it one of the few cryptocurrency exchanges operating in the country.

The latest announcement details that the SEC has asked Huobi to fix vulnerabilities in its Thai exchange at a meeting held on March 19. During the April meeting, the financial markets regulator asked the exchange to suspend services and return customer funds within deadline. However, Huobi has asked for extensions of the deadline several times.

The latest recommendation to revoke Huobi's license comes after the exchange failed to correct key deficiencies five months after the initial warning.