Securities Commission Malaysia (SC) orders Huobi Global to stop operations

  • The securities commission said Huobi was operating in the country without registration.
  • The exchange was ordered to disable its website and mobile apps.
  • Huobi was also ordered to cease circulating, publishing or sending advertisements to Malaysian investors.

The Securities Commission Malaysia (SC) has today ordered Huobi Global cryptocurrency exchange to stop its operations in the country.

The regulator told the exchange’s CEO Leo Li to disable its website and mobile applications because the exchange was operating a digital asset exchange without registration. It also told Huobi Global to stop circulating, publishing or sending advertisements to Malaysian investors.

Operating without registration from the SC

The Malaysian SC accused the crypto exchange of operating a digital asset exchange without obtaining a registration from the regulator as a Recognized Market Operator, which is an offence under the Capital Markets and Services Act.

The regulator gave CEO Leon Li the task of ensuring that the crypto exchange adheres to the given directives.

Furthermore, the Securities Commission Malaysia (SC) also asked Malaysian investors using Huobi Global to cease using the exchanges platform, withdraw their assets, and close their accounts.

Huobi Global rebranding

In November 2022, Huobi Global underwent a rebranding after its acquisition by About Capital Buyout Fund the previous month.

As a result, a spokesperson of the company told a popular media outline that the order by the SC does not apply to the Huobi that operates under the rebrand but to the entity that is operating under the previous entity.

All Dutch and English crypto news!

MUFG to facilitate Japanese bank-backed stablecoins via Progmat Coin platform

Megabank Mitsubishi UFJ Financial Group (MUFG) has announced that its stablecoin issuance platform "Progmat Coin" will soon be used by Japanese banks to launch Yen-pegged...

Net Bitcoin ATMs record an increase after 4 months of global downtrend

Breaking the year-long trend of declining Bitcoin (BTC) and crypto ATMs across the globe, May recorded a steep increase in net installations with nearly 1,400...

Microsoft pens AI cloud computing deal with former Ethereum miner CoreWeave: CNBC

Microsoft has reportedly signed a deal with former Ethereum miner CoreWeave to use its cloud computing infrastructure to support its Artificial Intelligence-powered services. According to a...

Crypto Biz: Six months on from FTX, Tether mines BTC, and Nvidia’s AI superchips

Just over six months after FTX's dramatic collapse, the crypto industry can finally begin analyzing the effects of the debacle. The quick ripple effect to...

Beste exchanges

Koop je crypto bij Bitvavo