The Securities Commission Malaysia (SC) has required Huobi Global to stop offering trading services in the country, saying the exchange has been operating illegally.
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According to a press release, the SC has also ordered the exchange to disable its website and mobile application on App Store and Google Play. The watchdog emphasized that Huobi Founder, Leon Li, being the CEO, has also been "specifically ordered to ensure that the above directives are carried out."
"This decision comes after concerns about the platform's compliance with local regulatory requirements and protecting investors' interests," the regulator said.
Besides trading activities, Huobi Global has also been required to stop publishing or sending any advertisements, whether in email or on social media platforms. The SC called on Malaysian investors to withdraw crypto from the exchange immediately. At the time of writing, the exchange made no public comments on the matter.
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