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.
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