Huobi, one of the world’s largest crypto exchanges, will shut down its exchange in Thailand permanently on July 1, it announced on its website. This marks Huobi’s short-lived expansion into the Southeast Asian country where crypto adoption is flourishing. According to blockchain analytics firm Chainalysis, Thailand has one of the highest adoption rates for DeFi, or decentralized financial services, in the world, alongside the US and Vietnam. Nonetheless, the Thai government has been reinforcing the use of cryptocurrency-based payments amid the falling value of cryptocurrencies. The country had eight licensed crypto exchange platforms as of February, with Bangkok-based Bitkub leading the way. Huobi launched in Thailand just over two years ago as the company doubled down on its global expansion following its departure from China, where it was originally founded. In recent years, China has launched a series of clampdowns on cryptocurrency trading, prompting related companies to relocate abroad and seek foreign customers. Huobi previously had a digital asset trading license issued by the Thai Ministry of Finance that allows its users to purchase Bitcoin, Ethereum, Huobi Token, and stablecoin USDT using Thai Baht. In September, the Thai Securities and Exchange Commission revoked Huobi’s operating license after finding “deficiencies and insufficiencies in Huobi’s management structure and work systems, resulting in the company being unable to operate its trading business.” in accordance with the regulations in force”. Huobi said it is in the process of returning users’ assets, but will not be responsible for any issues related to its Thailand arm after the platform shuts down in July. “We are sorry that our journey has come to an end and sincerely thank you for your longstanding support,” wrote Huobi Thailand.