Huobi Global ordered to cease operations in Malaysia for operating a digital asset exchange without registration


22nd May 2023 – (Kuala Lumpur) The Securities Commission Malaysia (SC) has ordered Huobi Global to cease operations in the country, including disabling its website and mobile applications, because it is operating a digital asset exchange without registration. The regulator has also told the company to cease circulating, publishing, or sending advertisements to Malaysian investors, according to a Monday announcement. Operating a digital asset exchange without obtaining registration from the SC as a Recognised Market Operator is an offence under the Capital Markets and Services Act.

The SC has ordered CEO Leon Li to ensure that the directives are carried out, and has urged Malaysian investors using Huobi Global to stop trading on its platform, withdraw their funds, and close their accounts. This move is part of the SC’s efforts to regulate the digital asset industry and protect investors from potential risks.