Huobi Global Ordered to Stop Operations in Malaysia

Published on:

Last Updated on May 22, 2023 by Bitfinsider

The Malaysian Securities Commission (SC) ordered Huobi Global Limited to cease operations in the nation because it was running its cryptocurrency exchange without registration. The SC charged Huobi and its CEO Leon Li with operating illegally in Malaysia.

“This decision comes after concerns about the platform’s compliance with local regulatory requirements and protecting investors’ interests,” the agency said on Monday. It went on to say that running a digital asset exchange without being registered is a violation of section 7(1) of the Capital Markets and Services Act of 2007.

According to the Malaysian Supreme Court, Huobi must shut its website and mobile apps in the nation, as well as stop advertising to Malaysian investors. “Leon Li, as CEO, has also been specifically ordered to ensure that the above directives are carried out,” added the regulator. The Supreme Court asked Malaysian Huobi users to withdraw all investments from the platform and cancel their accounts.

Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.