Malaysian Securities Fee (SC) orders Huobi World to stop operations

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  • The Securities Fee stated Huobi operated within the nation with out registration.
  • The trade was ordered to disable its web site and cellular app.
  • Huobi was additionally ordered to cease distributing, publishing and sending commercials to Malaysian traders.

The Securities Fee of Malaysia (SC) right now ordered cryptocurrency trade Huobi World to stop operations within the nation.

Regulators have instructed trade CEO Leo Lee to disable its web site and cellular software, accusing the trade of working a digital asset trade with out registration. backside. It additionally instructed Huobi World to cease distributing, publishing and sending commercials to Malaysian traders.

Function with out registration from SC

Malaysian SC accused cryptocurrency exchanges of working digital asset exchanges with out acquiring registration from regulators as approved market operators, a violation below the Capital Markets and Providers Act is.

The regulator has tasked CEO Leon Lee with making certain that cryptocurrency exchanges adjust to prescribed directives.

As well as, the Securities Fee of Malaysia (SC) has requested Malaysian traders utilizing Huobi World to cease utilizing the trade platform, withdraw their property and shut their accounts.

Huobi World Rebranding

In November 2022, Huobi World rebranded after being acquired by About Capital Buyout Fund final month.

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Consequently, an organization spokesperson instructed widespread media shops that the order by SC wouldn’t apply to Huobi working below the rebrand, however to organizations working below the earlier group. gave an summary.

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