Malaysia Declares Unregistered Status of Huobi Global, Orders Cessation of Operations

Huobi

The regulator of the country instructed CEO Leon Li to disable the website and mobile apps.

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Huobi Global has been instructed by the Securities Commission Malaysia (SC) to halt its operations in the country. This includes disabling its website and mobile applications. The reason for this action is that Huobi Global is operating a digital asset exchange without proper registration.

As per a Monday announcement, the regulator instructed the company to stop circulating, publishing, or sending advertisements to Malaysian investors.

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Running a digital asset exchange without obtaining registration from the SC, as a Recognized Market Operator, is considered a violation of the Capital Markets and Services Act.

The regulator instructed CEO Leon Li to ensure that the directives are followed. They also advised Malaysian investors using Huobi Global to cease trading on the platform, withdraw their funds, and close their accounts.

Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.

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