The Malaysian Securities Commission has sanctioned Huobi Global and its CEO Leon Li, alleging that they are operating illegally in the country.
Malaysian Securities Commission (SC) ordered Huobi Global Limited to terminate its operations in the country as it operates the crypto exchange without registration. However, SC has denounced both Huobi and the CEO for operating illegally in the country. Leon Li He filed a lawsuit against regulatory agency 22 May“This decision comes after concerns about the platform’s compliance with local regulatory requirements and the protection of investors’ interests,” he said in a statement.
Regulator Invites Investors To Withdraw Their Assets
The Securities Commission of Malaysia has determined that operating a digital asset exchange without being registered is an offense under section 7(1) of the Capital Markets and Services Act 2007.
Malaysia said Huobi should disable its website and mobile app in the country, as well as stop all forms of advertising to Malaysian investors. The regulator stated that Leon Li was also specifically instructed to ensure that these directives are met.
SC invited Malaysian users of Huobi to withdraw all investments from the platform and close their accounts.
In addition, SC, Huobi’s Apple Store, Google Playand other digital app platforms, including deactivating its website and mobile app.