Bitcoin
$66,311.95-0.26%
Ethereum
$3,207.43+0.58%
Binance Coin
$608.65+1.95%
Solana
$156.66+1.35%
XRP
$0.55293952-1.61%
Dogecoin
$0.16063705-0.42%
Toncoin
$5.68-2.84%
Cardano
$0.50374933-3.02%
Shiba Inu
$0.00002699+0.31%
Avalanche
$38.49-2.11%
Wrapped Bitcoin
$66,376.42-0.34%
Bitcoin Cash
$508.62-2.15%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Countdown to Consensus 2024The largest and longest running event that covers all sides of Crypto and Web 3
35
DAYS
14
HR
53
MIN
36
SEC
Policy

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.

By Lavender Au
AccessTimeIconMay 22, 2023 at 8:31 a.m. UTC
Updated May 22, 2023 at 8:34 a.m. UTC
Kuala Lumpur, Malaysia (Meric Dagli/Unsplash)
Kuala Lumpur, Malaysia (Meric Dagli/Unsplash)
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

Read more: Justin Sun Says Huobi Founder Li Lin's Brother Acquired HT Token for Free and Cashed Out

Edited by Sheldon Reback.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Lavender Au
Lavender Au

Lavender Au is a CoinDesk reporter with a focus on regulation in Asia. She holds BTC, ETH, NEAR, KSM and SAITO.

Follow @lavender_au on Twitter

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.