Securities and Exchange Commission of Thailand has recently allowed Bitkub Online to resume services according to the media. The crypto exchange company will be accepting new customers following a suspension last week. The suspension is a sequel to the disruptions in Bitkub’s trading system due to high volumes of trading by the existing customers.
The company was ordered to curb accepting fresh clients until it proves that the platform was able to effectively accommodate the trading activities of the existing clients. Following that, Bitkub has revised its work systems and personnel to be suitable and sufficient for the nature, size and volume of its business model.
The SEC also issued a warning against Binance claiming the crypto exchange does not hold a license to operate a digital asset business in the country. The regulator was made aware that Binance has been soliciting customers to trade on its platform and accepting Thai baht deposits despite not being licensed. Based out of Malta, Binance has so far regulated operations from the US and is yet to engage with the SEC for a license in Thailand.
Additionally, the commission also temporarily suspended Huobi, another crypto exchange, of its services after it failed to fix certain deficiencies in its system with a given timeline in March. During the suspension period, the company is expected to continue making modifications to its system to protect the assets of the clients, account opening and identity verification to meet the regulatory requirements. Huobi will be resuming business as usual only after it gains a permit from the SEC. Until which the firm must allow its customers to withdraw assets at their discretion.