Malaysia’s Directs Huobi To Halt Operations
The Securities Commission (SC), Malaysia’s primary securities regulator, stated today that it has ordered Seychelles-based crypto exchange Huobi to cease operations in the nation.
According to the notice, Huobi appears to have run afoul of Malaysian regulations by operating a digital asset exchange without registration. Operating a cryptocurrency exchange without a Recognised Market Operator licence is a violation of the Capital Markets and Services Act of 2007.
The exchange and its creator, Leon Li, have also received a public rebuke. As CEO, Li has been tasked with overseeing the process of closing down local operations, suspending connections with Malaysian investors, deactivating the website, and pulling the app from app stores.
(With inputs from Shikha Singh)
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