HuobiGlobal Banned By Malaysian Authorities
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HuobiGlobal, a cryptocurrency exchange, has been told to stop in Malaysia by the Securities Commission Malaysia. This is because they were running an unregistered digital asset exchange, which broke the law there. By doing this, regulators hope to protect the people who use the exchange and make sure securities and investment laws are followed.
Huobi Global Limited got a public reprimand from SC. They have to stop working in Malaysia. Their website and mobile app need to be disabled on Apple Store and Google Play.
You can check out the entire article by clicking the link provided. The link will take you to the full release. The blog section is included in the release. A picture with the release is also shared in the tweet.
The Twitter account SC Malaysia tweeted on May 22, 2023. (Note: As an AI language model, I cannot guarantee the accuracy of future events or statements.)
The Securities Commission Malaysia rebuked Huobi and its CEO Leon Li for "operating illegally in Malaysia." As punishment, Huobi must shut down its website and mobile app on Apple Store and Google Play. They also can't send advertisements to Malaysian investors through email or social media. CEO Leon Li must make sure all of these rules are followed.
Withdraw Funds And Cease Trading On Huobi, Malaysian Investors Advised
The SC said the breach is very serious. They reminded that using DAX without being a Registered Market Operator is against the law. People in Malaysia who use Huobi should stop trading, take out their money, and close their accounts.
The SC thinks this is a big problem. Running a DAX without SC's approval is against the law. It violates Section 7(1) of the Capital Markets and Services Act 2007. The SC said this in a statement.
The SC tells Malaysian investors who use Huobi to stop trading and close their accounts. They should also take out all their investments.
"Malaysia Securities Commission Advices Steer Clear Of Unregistered Crypto Platforms"
Investors should only talk to registered RMOs, says SC. RMOs are checked by the Commission and follow guidelines to protect investors under Malaysia’s securities law. If investors talk to unregistered people or groups, there are risks of fraud and no protection from the law.
The SC suggests being cautious when picking investment platforms. Check everything out before deciding on an investment. Beware of schemes that promise huge returns with little risk. This will keep your investments safe and protect you from fraud.
The SC took action against Huobi for operating without registration. Before this, the regulator had warned the exchange. In August of last year, Huobi was put on the Investor Alert List. Malaysian investors were told not to use the platform until it received approval from the SC. Huobi said it was talking to regulators in Malaysia about its presence in the local market.
The Malaysian Securities Commission wants to protect investors and make sure digital asset exchanges abide by laws. Huobi stopping operations in Malaysia warns other cryptocurrency exchanges to follow the rules when working in the country.
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Evans Karanja writes about crypto and blockchain and video gaming. He has worked with startups in the past. He helps them make good content. Evans likes to trade and invest in crypto. He thinks that blockchain will change many industries.
