Huobi Thailand will shut down its exchange permanently on July 1, according to an announcement on its website.

This is the exchange’s brief foray into the Southeast Asian country, where the usage of cryptocurrency is on the rise.

According to blockchain analysis firm Chainalysis, Thailand has one of the highest adoption rates of DeFi, or decentralized financial services, in the world, placing third after the United States and Vietnam.

Despite this, Thailand’s government has been limiting the usage of crypto-based payments as the currency’s value has plummeted. As of February, Thailand had eight licensed crypto exchange platforms, with Bangkok-based Bitkub topping the race.

Huobi Thailand, despite its name, has only shaky ties to Huobi, one of the world’s foremost cryptocurrency exchanges. Huobi Thailand was built using Huobi Cloud, Huobi’s blockchain solution provider technology that assists third parties without IT expertise in setting up OTC exchanges and other crypto-related businesses.

“Huobi Cloud looks out for suitable local partners to engage with as part of Huobi Group’s worldwide development plan,” the parent firm announced after Huobi Thailand was granted a license to operate a digital asset exchange in the nation.

Thailand’s Ministry of Finance gave Huobi Thailand a digital asset trading license, allowing customers to buy Bitcoin, Ethereum, Huobi Token, and stablecoin USDT for Thai Baht.

Huobi Thailand has stated that it is recovering customers’ assets but will not be held liable for any complications arising from the platform’s shutdown in July”.