Malaysian regulatory authority instructs Huobi to stop his illegal operations in the country (report)

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reported that the Securities Commission Malaysia (SC) Huobi has accused a cryptocurrency exchange without the necessary approval.

Therefore, the supervisory authority asked the company to deactivate its website and mobile application in the country.

Huobi on the destination

reported as According to the Malaysian central bank, the SC claimed that Huobi and its CEO-Leon Li-Leon Li-illegally in the Asian country would have operated.

The regulatory authority ordered the company to set its domestic activities, including its website and mobile applications on several platforms such as the Apple Store and Google Play. It was also insisted that Huobi should stop sending advertising (be it by email or social media) to Malaysian investors.

"This decision was made due to concerns about compliance with local regulatory requirements by the platform and the protection of the investor interests," said the SC.

The supervisory authority sees Huobi's violation as a serious problem and represents that the operation of a DAX without ensuring the registration of the SC as a recognized market operator (Recognized Market Operator, RMO) a crime in accordance with Section 7 (1) of the Capital Market and Services Act 2007 Represented.

Then it recommended that local investors who had used the services of the stock exchange to hire the trade on the platform, to collect their assets and to close accounts.

Huobi's efforts in Hong Kong

In contrast to its regulatory problems in Malaysia, the company has already expressed intentions to strengthen its presence in other parts of Asia.

Justin Sun-founder of Tron and member of the Global Advisory Board by Huobi- Data Preserver-Spaces = "True" Supervisory authorities Hong Kong has applied for a trade license.

"This is an important step for the large cryptocurrency exchange and a sign of your persistent commitment for a law-compliant and regulated company," he added.

In addition, the company will open a new event location in the special administrative zone of China Huobi Hong Kong, which "fully meets local regulations and offers customers a number of retail pairs and services.

The Hong Kong authorities recently hit a pro crypto path and positioned the region as a hub for digital assets. Leading stock exchanges such as Okx wanted Preserver-Spaces = "True"> Official permits in the region, while local cryptocurrency companies and banks Data preserver spaces = "True"> A meeting to facilitate your interactions.

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