The Securities Commission Malaysia Orders Huobi to Stop Operating in the Country

The Securities Commission Malaysia (SC) on Monday ordered Huobi Global Limited to cease operations in the country, shut down its website and take down its mobile apps from app stores such as the Apple Store and Google Play. The commission said the digital asset exchange is unregistered, so it is illegal for it to operate in Malaysia.

According to the regulator's statement, the regulator informed the company to stop distributing, publishing or sending advertisements to Malaysian investors via email or social media. It also specifically ordered the company's chief executive Leon Li to ensure that the said directive is implemented.

The SC said the decision was made because the platform's compliance did not meet local regulatory requirements and expressed concern about the protection of investors' interests.

The SC also said that according to Section 7(1) of the Capital Markets and Services Act 2007, it was illegal to operate a digital asset exchange in the country without being registered as a Recognized Market Operator (RMO) by the Commission. Therefore, the Commission took a serious view on the violation of the law by Huobi.

At the same time, the Commission urged users of Huobi in Malaysia immediately stop using the platform, withdraw all the funds, and close their accounts.

Huobi has not yet issued any comments on this order.