Seychelles-based crypto exchange Huobi Global has been ordered to halt operations in Malaysia by the country's securities commission (SC). The agency said the platform is operating in the country without registration. - The regulator said Huobi must disable its website and mobile app and stop circulating, publishing, and sending advertisements to investors in the country.
- Huobi Global CEO Leon Li has been tasked with ensuring that the orders are carried out.
- The Malaysian regulator also urged the investors to stop trading on Huobi Global, withdraw their funds in the exchange, and close their Huobi accounts.
- In 2022, Malaysia accounted for 4.24% of Huobi's trading volume as its fifth largest market.
- Under Malaysian laws, the crypto exchanges must register with the Securities Commission Malaysia as a Recognised Market Operator to offer their services in the country.
- Digital asset trading platforms without registration are charged with a violation of Malaysia's Capital Markets and Services Act.
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