Huobi Global Fails to Meet Regulatory Requirements Malaysia SC Says

The cryptocurrency sector faces regulatory turbulence, the latest being the directive from the Securities Commission Malaysia (SC) to Huobi Global. The commission has demanded the cessation of Huobi Global’s operations on the grounds of non-registration. This directive came to light via an announcement on Monday.

Huobi Global, an international crypto exchange, received a directive from the SC to halt operations across Malaysia. The main reason being that it runs a digital asset exchange without the requisite registration. The order includes the disabling of its website and mobile applications, effectively cutting off its services in the region.

A Call to End Advertising to Malaysian Investors

The SC has further instructed Huobi Global to cease all forms of communication and advertising aimed at Malaysian investors. In Malaysia, operating a digital asset exchange without securing registration from the SC as a Recognised Market Operator is a violation of the Capital Markets and Services Act.

CEO Leon Li Called to Uphold the Order

The SC’s order also directly addresses Huobi Global’s CEO, Leon Li. Li has been tasked to ensure the commission’s directives are enforced swiftly. Meanwhile, Malaysian investors engaged with Huobi Global have been advised to halt all trading activities on the platform, withdraw their funds, and close their respective accounts.

As of now, Huobi Global has not issued any comments regarding the regulator’s demands.