Securities Fee Malaysia (SC) orders Huobi International to cease operations

• The securities fee stated Huobi was working within the nation with out registration.
• The trade was ordered to disable its web site and cellular apps.
• Huobi was additionally ordered to stop circulating, publishing or sending commercials to Malaysian traders.

The Securities Fee Malaysia (SC) has right this moment ordered Huobi International cryptocurrency trade to cease its operations within the nation.

The regulator advised the trade’s CEO Leo Li to disable its web site and cellular purposes as a result of the trade was working a digital asset trade with out registration. It additionally advised Huobi International to cease circulating, publishing or sending commercials to Malaysian traders.

Working with out registration from the SC

The Malaysian SC accused the crypto trade of working a digital asset trade with out acquiring a registration from the regulator as a Acknowledged Market Operator, which is an offence below the Capital Markets and Providers Act.

The regulator gave CEO Leon Li the duty of making certain that the crypto trade adheres to the given directives.

Moreover, the Securities Fee Malaysia (SC) additionally requested Malaysian traders utilizing Huobi International to stop utilizing the exchanges platform, withdraw their property, and shut their accounts.

Huobi International rebranding

In November 2022, Huobi International underwent a rebranding after its acquisition by About Capital Buyout Fund the earlier month.

Consequently, a spokesperson of the corporate advised a preferred media define that the order by the SC doesn’t apply to the Huobi that operates below the rebrand however to the entity that’s working below the earlier entity.