22-5-2023 (Kuala Lumpur) The Securities Commission Malaysia (SC) has issued an order to Huobi Global, instructing the digital asset exchange to halt its operations within the country. This includes disabling its website and mobile applications. The SC’s action comes as Huobi Global has been found to be operating without the necessary registration as a Recognised Market Operator.
According to an announcement made on Monday, the regulator has directed the company to immediately cease any circulation, publication, or dissemination of advertisements targeting Malaysian investors. The Capital Markets and Services Act specifies that operating a digital asset exchange without obtaining registration from the SC is considered an offense.
The SC has further instructed Huobi Global’s CEO, Leon Li, to ensure full compliance with the directives provided. Additionally, Malaysian investors who are currently utilizing the platform have been strongly urged to refrain from trading on Huobi Global, withdraw their funds, and close their accounts.
