The Securities Commission of Malaysia (SC) has ordered Huobi Global to cease all operations in the country, shut down its website, and block access to its mobile application since the exchange conducts its activities without registration.
The cryptocurrency exchange is also prohibited from distributing, publishing, or sending any advertisements to Malaysian investors via email or social media.
The SC said Huobi Global violated Section 7(1) of the Markets and Services Act 2007 by operating in Malaysia without registration.
The regulator urged Malaysian investors who used Huobi Global for their transactions to immediately stop trading, withdraw all their assets, and close the account.
The Securities Commission ordered Leon Lee, founder and CEO of Huobi Group, to comply with all of its directives.
We previously reported that the exchange was suspending the operation of the Huobi NFT cloud wallet.
The Huobi cryptocurrency exchange was founded in 2013 and offers its clients a comprehensive set of trading tools. It is possible to trade on the web platform integrated into the user account as well as from mobile devices using the Huobi Global app. It is worth noting that the interface of the site is fully adapted for English-speaking users.
