• The Securities Commission Malaysia (SC) has accused Huobi of running an unapproved cryptocurrency exchange and urged the firm to disable its website and mobile application in the country.
• The SC considers Huobi’s breach a serious offense and asked Malaysian investors who have used the exchange services to withdraw their assets and close accounts.
• The SC also requested Huobi to stop sending any advertisements (via e-mail or social media) in Malaysia.
Malaysian Regulator Accuses Huobi of Illegal Operations
The Securities Commission Malaysia (SC) has recently accused crypto exchange giant Huobi of operating without necessary authorization in the Asian country, urging it to cease all activities including its website and mobile application on several platforms such as Apple Store and Google Play.
Serious Breach Against Local Regulations
The regulator views this breach as a serious issue, outlining that operating a digital asset business without securing registration as Recognised Market Operator (RMO) is an offense under Section 7(1) of the Capital Markets and Services Act 2007.
Withdraw Assets and Close Accounts
In response, SC requested local investors who have used Huobi services to withdraw their assets from the platform and close accounts. It also requested Huobi to stop sending any advertisements (whether via e-mail or social media interaction).
Protecting Investors’ Interests
The watchdog emphasized that this decision was made with concerns about protecting investors’ interests and ensuring compliance with local regulatory requirements.
Cease All Domestic Activities
To ensure compliance, the SC ordered Huobi to cease all domestic operations, including its website and mobile application on several platforms such as Apple Store and Google Play. It also insisted that it should stop sending any advertisements (whether via e-mail or social media interaction).