Malaysia Says Crypto Exchange Huobi Global Isn't Registered, Must Cease Operations
The country's regulator told CEO Leon Li to ensure the website and mobile apps are disabled.
May 22, 2023 at 8:31 a.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/YRVSLRL7GZDOFJKW5QDFSAKR6Y.jpg)
Kuala Lumpur, Malaysia (Meric Dagli/Unsplash)
The Securities Commission Malaysia (SC) ordered Huobi Global to stop operations in the country, including disabling its website and mobile applications, because it is operating a digital asset exchange without registration.
The regulator told the company to cease circulating, publishing or sending advertisements to Malaysian investors, according to an Monday announcement.
Operating a digital asset exchange without obtaining registration from the SC as a Recognised Market Operator is a offence under the Capital Markets and Services Act.
The regulator ordered CEO Leon Li to ensure the directives are carried out, and urged Malaysian investors using Huobi Global to stop trading on its platform, withdraw their funds and close their accounts.
Huobi has been contacted for comment.
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Lavender Au is a CoinDesk reporter with a focus on regulation in Asia. She holds BTC, ETH, NEAR, KSM and SAITO.
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