UpdatesMay 23, 2023

Huobi Global has been ordered to immediately cease operations in Malaysia

The Malaysian Securities Commission has banned the popular digital currency exchange from offering services in Malaysia.

Following a series of enforcement actions by the Malaysian Securities Trading Compliance Authority, a well-known cryptocurrency trading platform was ordered to immediately cease all activity in Malaysia. According to an official statement leaked to the media on May 22 this year, Huobi Global has not registered as a cryptocurrency exchange operator.

Huobi Global with an order to stop all operations in Malaysia

On May 22 this year, the Securities Commission of Malaysia issued an order for the popular digital currency exchange platform Huobi Global to immediately stop providing its services to the residents of the country. All this happened due to the lack of required registration as an operator of services related to digital currency trading.

The cryptocurrency company mentioned above was instructed by the local Malaysian regulator to shut down its website and mobile app in the Apple Store and Google Play stores. The authority also expects Huobi Global to immediately stop advertising cryptocurrency products to Malaysian customers via email and social media.

In an official communication addressed to the public, the Malaysian regulator indicated that its decision was dictated solely by proper compliance with local regulatory requirements. The Malaysian supervisor of the financial market also urged the inhabitants of this country to stop any activity on the Huobi Global platform, withdraw their funds from this exchange and close their accounts.

Under Malaysian law, operating a cryptocurrency platform without first obtaining the required authorization from the relevant Malaysian financial authority is an offense under the Capital Markets and Services Act 2007.

The public reprimand issued by the Malaysian financial market supervisor was directed not only at Huobi Global, but also at the general director of this platform - Leon Li. In simple terms, it is a call to stop any activity in Malaysia in any form.