Huobi Global and its CEO Leon Li are facing consequences from the Securities Commission (SC) of Malaysia. The SC has publicly reprimanded and mandated them to halt trading activities immediately to comply with Malaysian laws and regulations.
The SC has exercised its authority under section 7(1) of the Capital Markets and Services Act, 2007, by issuing a public reprimand against Huobi Global Limited. The company is required to cease operations in Malaysia and disable its website, mobile app, and platforms like Apple Store and Google Play which operate within the country.
The SC has also instructed affiliated parties of Huobi Global to halt all trading activities and refrain from promoting services on social media platforms or other channels in Malaysia. These measures aim to protect the safety and interests of investors.
Investors who use Huobi Global’s Digital Asset Exchange (DAX) in Malaysia have been advised by the regulatory authorities to withdraw their investments and stop trading on the platform. Fulfilling local regulatory requirements and prioritizing investor welfare are stressed by the regulatory authorities responsible for overseeing the matter.
For more information, please refer to the official release by the Securities Commission of Malaysia: [link to release].
Compiled by Coinbold