In February 2021, I invested a modest sum of money from my meagre salary in Huobi crypto exchange Thailand. That was not a bad decision because things started looking up and I made a little sum over what I invested. I did not want to withdraw the balance and was holding (hodl) my crypto. Then the shocker. One day the exchange of crypto was disabled with no prior notice! was it designed to screw the investors. I don’t know. The customer service told me that the SEC Thailand ordered them to “fix” the system so there was a temporary suspension of trading. I asked for my money and it was denied. They just said “sorry for the inconvenience. I did manage to withdraw some bitcoin I had there by paying exorbitant withdrawal fee. The rest is still there with them. I’m waiting for the day I can exchange all the small deposits in different cryptos to Thai Baht and end the anxiety. Absolutely irresponsible service and no concern for the customers.
When will they fix the system?
The Huobi Thailand and SEC don’t seem to have the customers in mind. Since April 2021 Huobi Thailand has been “fixing” their system. If they just disappear one day. I’ll lose a few hundred dollars. They should refund all balances in Thai baht and then deal with their problems. Can I complain to SEC? I don’t know. Thai culture doesn’t favor complaining. The “face” and stuff like that put my chances of recovering my money next to impossible.
Bad experiences with crypto exchanges Thailand
Thailand has licensed a bunch of crypto exchanges. I’m talking out of real experience. In 2017, I was investing in cryptos on an exchange called bitcoin exchange (bx.in.th) then one day in 2018 they said they were closing out of the blue I had to sell all my positions at a loss and be bitter about my loss. Then now in 2021 the Huobi Thailand experience. I must add that Huobi global is a great platform and i have a positive experience with them so far. The very nature of digital assets is hodling long term to turn a profit. Unstable policies of the host country discourages serious investors.
Why was a license issued if the systems were not in place?
I can’t help but wonder why the Thai authorities issued a license in the first place and then suspend trading on Huobi Thailand? I’ll leave it to your imagination. It is obvious. After this experience I decided never to put another cent into any Thailand based crypto exchange even if they are deemed safe. I don’t know when I’ll be in for another surprise. Now I invest with global exchanges where money is safer. I like Binance, Huobi , Gemini, Coinbase and Gate so on. Luckily, I’m able to use my overseas accounts to trade on these exchanges as Thailand has warned investors that Binance is illegal in Thailand. The irony of it all.