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.