- The Malaysian Securities Fee has taken authorized motion in opposition to Huobi International.
- The regulator has accused the crypto alternate of working a digital asset alternate with out registration.
- The Securities Fee has requested Huobi to disable its cell app and web site in Malaysia.
The Securities Fee Malaysia (SC) has filed a lawsuit in opposition to Justin Solar’s Huobi International for illegally working a digital asset alternate within the nation. The securities regulator has additionally issued a discover to Malaysian traders, ordering them to instantly cease buying and selling on Huobi and withdraw their funds from the alternate.
In line with a press launch shared by the Securities Fee Malaysia earlier at this time, a public reprimand has been issued in opposition to Huobi and its managing director Leon Li for working a digital asset alternate in Malaysia with out registration. The regulator additionally ordered the alternate to disable its web site and cell app on platforms together with Apple Retailer and Google Play.
The securities regulator additionally ordered Huobi International to cease publishing, broadcasting or sending ads through electronic mail or social media platforms to Malaysian traders. CEO Leon Li has been given particular orders to make sure that Securities Fee orders are scrupulously executed.
The Securities Fee Malaysia has strongly suggested traders to solely interact with acknowledged market operators who’re registered with the Fee. “Registered RMOs have undergone strict regulatory scrutiny and are held to strict tips to make sure that traders are protected by Malaysian securities legal guidelines,” the regulator added.
The enforcement motion in opposition to Huobi International comes 9 months after the Malaysian securities regulator referred to as the crypto alternate to function within the nation with out registration. In August final 12 months, the regulator added Huobi to its investor alert record and urged Malaysian traders to not interact with the platform till it obtained approval. of the SC. On the time, Huobi stated it was in talks with regulators within the nation relating to its presence within the native market.