The Malaysian Securities Regulatory Commission (SC) announced that it has taken enforcement action against Huobi Global and its CEO, Leon Li, accusing it of illegally operating a digital asset exchange (DAX) in Malaysia and ordering the company Horse operations ceased immediately.
The Malaysian Securities Regulatory Commission issued a statement today (22nd), publicly condemning Huobi and Li Lin’s illegal operation of cryptocurrency business in the local area, and instructing Huobi to immediately stop operations in Malaysia, including closing the Apple Store, Google Play and other platforms. Apps and websites on .
At the same time, Huobi was also ordered to stop using any media to spread or publish any advertisements to local investors. The Malaysian Securities Regulatory Commission also emphasized that Li Lin, as the company’s CEO, must ensure the implementation of the above instructions. However, Li Lin has stepped down as CEO as early as 2021, and last year sold all shares of Huobi (which had not yet been renamed Huobi) to Baiyu Capital (justin Sun was rumored to be the buyer behind the scenes). Since then, Huobi has not announced who the CEO is.
The statement mentioned that the above decision was made based on concerns about Huobi’s compliance and in order to protect the interests of investors. The Malaysian Securities Regulatory Commission believes that Huobi is not registered as a “compliant market operator (RMO)” in the local area, but privately provides digital asset trading services. This has violated the capital market and service laws and must be strictly investigated.
In addition, the authorities also urged Malaysian users to immediately stop using Huobi for transactions, withdraw all investments and close accounts.
According to public information, there are currently only four companies registered as licensed digital asset exchange operators in Malaysia, namely Luno Malaysia, MX Global, SINEGY DAX and Tokenize Technology.