Huobi operates illegally in Malaysia! The Malaysian Securities Commission has taken enforcement action and ordered it to cease operations.

The Securities Commission of Malaysia issued a statement today, declaring that Huobi Global is operating illegally in Malaysia without proper authorization. The commission has ordered the platform to cease its operations immediately and advised the public not to use its services.

Huobi Global Illegally Operates in Malaysia

According to the announcement from the Securities Commission Malaysia (SC) here, SC has taken action against Huobi Global and its CEO, Li Lin, for operating a digital asset exchange (DAX) in Malaysia without proper registration.

SC has accused Huobi Global of illegal operations in Malaysia and has ordered it to cease its operations in Malaysia, including disabling its website and mobile apps on platforms such as the App Store, Google Play, and others.

In addition, Huobi Global has been instructed to stop sending any advertisements to Malaysian investors, whether through email or social media platforms. Li Lin, as the CEO, has been explicitly instructed to ensure compliance with the above orders.

By operating DAX without being registered as a Recognised Market Operator (RMO) under the SC, Huobi Global has violated the Capital Markets and Services Act. SC has urged Malaysian investors to immediately cease using Huobi Global, withdraw all investments, and close their accounts.

"Investing in unauthorized or unregistered entities or individuals carries risks such as fraud and may not be protected under Malaysia's securities laws," said the Securities Commission Malaysia.