Huobi Global Charged By Malaysia SEC For Illegal DAX Ops
Crypto companies have a lot of rules to follow to please customers everywhere. huobi Exchange has had many difficulties recently. Leaving Thailand and leadership problems were some of them. But now, Malaysian authorities are giving them another obstacle.
The Securities Commission Malaysia charged Huobi Exchange and its CEO Leon Li. They were running a digital asset exchange without certification. This is the latest cryptocurrency news. Regulators ordered Huobi Exchange to stop operating in the country. They also had to disable their mobile apps and website.
Huobi Global Ceases Operations In Malaysia
The SEC in Malaysia said the exchange can't advertise on social media or email to citizens. The exchange will remove its apps from Google Play and Apple Store. Leon Li must follow the regulator's rules.
What's Next For Huobi Traders?
Malaysian regulator says don't use Huobi because of the things happening now. People who want to use crypto should stay away from it. They should take out their money and close their Huobi accounts. The future of the exchange is not sure. It might have to get a certification if it wants to keep working in Malaysia.
The Malaysia SC made some moves recently but the exchange and Justin Sun haven't said anything about it. Justin Sun paid $1B to get control of Huobi but then didn't want most of its stake.
Huobi Token Remains Steady
Invezz.com says crypto market correcting but Huobi Token (HT) doing okay with 24hr gains. HT up 0.92% in last day, costs $2.94 now. But government looking at crypto hurts prices.
This means that the recent actions taken by the Malaysian SEC against Huobi exchange could increase uncertainty. It could also harm investor confidence and cause prices to drop. It's important to watch how the price of HT (Huobi Token) changes in the near future.
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