Crypto exchange Huobi was ordered to stop operating in Malaysia by the Securities Commission (SC) of the Asian country. The regulator issued a public reprimand to Huobi CEO Leon Li.
In a May 22 press statement, Malaysia’s SC said Huobi operated in the country illegally because it failed to register as a digital asset exchange (DAX).
The authorities noted this was a severe infraction of its Capital Markets and Services Act 2007, requiring exchanges to obtain licensing from Malaysia’s SC as a Recognised Market Operator (RMO).
Due to this, the exchange has been directed to disable its website and mobile application on several platforms like Apple Store, Google Play, and others.
“Huobi Global Limited has also been directed to cease circulating, publishing or sending any advertisements, whether in email or on social media platforms, to Malaysian investors.”
The financial regulator advised Malaysia-based investors to withdraw all their assets from the platform and immediately close t
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