Malaysian SC urges local investors to immediately stop trading through Huobi Global, withdraw their investments and close their accounts.
A leading centralized crypto firm Huobi Global Limited and its chief executive, Leon Lee, have been charged with operating a digital asset exchange in Malaysia without registration. As a result, the Securities Commission (SC) of Malaysia has ordered the cryptocurrency exchange to cease operations in its jurisdiction with immediate effect. Notably, the SC ordered Huobi Global to disable its official website and mobile application in Malaysia from now on.
Huobi in Malaysia
The Malaysian regulator has also ordered Lee to ensure that the exchange does not issue advertisements to local investors through any platform.
“The decision comes following concerns regarding the platform’s compliance with local regulatory requirements and protecting the interests of investors. The SC takes a serious view of this breach, as SC’s registration as a Recognized Market Operator (RMO) Operating DAX without doing so is an offense under Section 7(1) of the Capital Markets and Services Act 2007,” Malaysian SC noted,
As a result, Malaysia SC urged local investors to immediately stop trading through Huobi Global, withdraw their investments and close their accounts. Further, the Malaysian SC has advised local crypto investors to only use registered digital asset exchanges. Some of the registered crypto exchanges in Malaysia include Lino Malaysia, MX Global Sdn Bhd, SINEGY DAX Sdn Bhd, and Tokenize Technology (M) Sdn. Bhd. Binance announced a strategic investment in MX Global Sdn. Bhd, in order to enter the Malaysian crypto sector after several failed attempts to enter the market.
Specifically, Huobi Global took charge A long list of centralized exchanges that have already been banned from operating in Malaysia.
The Malaysian SC concluded, “Investors should exercise caution when choosing investment platforms and should always carry out due diligence before making investment decisions.”
Huobi and Market Outlook
Huobi Global has been operational since 2013 despite facing several regulatory issues with various countries including China. According to the official website, Huobi Global has more than 45 million users, with a 24-hour trading volume of approximately $2,549,480,360 across more than 700 digital assets. The company’s core products include spot and futures trading and Huobi Earn which significantly leverage the HT token.
The announcement of the closure of operations in Malaysia did not have any negative impact on HT Token, which was trading at around $2.94 on Monday, up almost 1 percent over the past 24 hours. Furthermore, the HT token is primarily used by the HECO Chain (HECO), which is marketed as a layer two scaling solution on the Ethereum network. According to the latest crypto price oracle, HT Token had a market capitalization of approximately $477,111,888 and a 24-hour trading volume of approximately $15,723,543.
Let’s talk crypto, metaverse, NFTs, Sedefi, and stocks, and focus on multi-chain as the future of blockchain technology. Let us all win!
Bitcoin Crypto Related Post