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The Securities Commission Malaysia (SC) has reportedly accused Huobi of running a cryptocurrency exchange without the necessary authorization.
In such a situation, the watchdog urged the company to disable its website and mobile application in the country.
Huobi on target
As informed of By The Malaysian Reserve, the SC has alleged that Huobi and its CEO – Leon Lee – operated a digital asset business illegally in the Asian country.
The regulator ordered the firm to shut down its domestic operations, including its website and mobile applications across multiple platforms such as the Apple Store and Google Play. It also stressed that Huobi should stop sending any advertisements (whether via e-mail or social media interactions) to Malaysian investors.
“The decision comes following concerns regarding the platform’s compliance with local regulatory requirements and safeguarding the interests of investors,” the SC said.
The watchdog considers Huobi’s breach a serious issue, underlining that operating DAX without securing SC’s registration as a Recognized Market Operator (RMO) violates Section 7(1) of the Capital Markets and Services Act 2007. an offense under.
Subsequently, it advised local investors who used the services of the exchange to stop trading on the platform, withdraw their assets and close their accounts.
Huobi’s efforts in Hong Kong
In contrast to its regulatory problems in Malaysia, the entity has already displayed intentions to strengthen its presence in other parts of Asia.
Justin Sun – Founder of Tron and Member of the Global Advisory Board of Huobi – Said Earlier this year, the exchange applied for a trading license with the Hong Kong watchdog.
“This is a major step forward for the leading cryptocurrency exchange and a sign of its continued commitment to operating in a compliant and regulated manner,” he said.
Additionally, the company will launch a new location in Huobi Hong Kong, a special administrative region of China that will “fully comply with local regulations and provide clients with a range of trading pairs and services.”
Hong Kong authorities have recently taken a pro-crypto path, positioning the region as a digital asset hub. Major exchanges like OKX sought regulatory permits in the region, while local cryptocurrency firms and banks began A meeting to smooth over their conversation.
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The Securities Commission Malaysia (SC) has reportedly accused Huobi of running a cryptocurrency exchange without the necessary authorization.
In such a situation, the watchdog urged the company to disable its website and mobile application in the country.
Huobi on target
As informed of By The Malaysian Reserve, the SC has alleged that Huobi and its CEO – Leon Lee – operated a digital asset business illegally in the Asian country.
The regulator ordered the firm to shut down its domestic operations, including its website and mobile applications across multiple platforms such as the Apple Store and Google Play. It also stressed that Huobi should stop sending any advertisements (whether via e-mail or social media interactions) to Malaysian investors.
“The decision comes following concerns regarding the platform’s compliance with local regulatory requirements and safeguarding the interests of investors,” the SC said.
The watchdog considers Huobi’s breach a serious issue, underlining that operating DAX without securing SC’s registration as a Recognized Market Operator (RMO) violates Section 7(1) of the Capital Markets and Services Act 2007. an offense under.
Subsequently, it advised local investors who used the services of the exchange to stop trading on the platform, withdraw their assets and close their accounts.
Huobi’s efforts in Hong Kong
In contrast to its regulatory problems in Malaysia, the entity has already displayed intentions to strengthen its presence in other parts of Asia.
Justin Sun – Founder of Tron and Member of the Global Advisory Board of Huobi – Said Earlier this year, the exchange applied for a trading license with the Hong Kong watchdog.
“This is a major step forward for the leading cryptocurrency exchange and a sign of its continued commitment to operating in a compliant and regulated manner,” he said.
Additionally, the company will launch a new location in Huobi Hong Kong, a special administrative region of China that will “fully comply with local regulations and provide clients with a range of trading pairs and services.”
Hong Kong authorities have recently taken a pro-crypto path, positioning the region as a digital asset hub. Major exchanges like OKX sought regulatory permits in the region, while local cryptocurrency firms and banks began A meeting to smooth over their conversation.
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PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
