Huobi Global Gets Booted From Malaysia, Regulators Say Exchange Isn't Registered

Regulators in Malaysia ordered digital asset exchange Huobi Global Ltd. and its CEO Leon Li to cease operations in the country.

Huobi has been operating in the country without proper registration, the Securities Commission Malaysia (SC) claims.

As a result, Huobi will have to disable its website and mobile application across various platforms, including the Apple Store and Google Play.

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The company has also been instructed to stop all promotional activities, including sending any advertisements via email or social media platforms to Malaysian investors.

Li is tasked with ensuring these directives are executed.

The SC is concerned about Huobi's compliance with local regulatory requirements and the need to safeguard investor interests. Operating a digital asset exchange without acquiring the SC's registration as a Recognised Market Operator (RMO) is an offense under Section 7(1) of the Capital Markets and Services Act 2007.

The SC's ruling comes as Tron TRON/USD founder Justin Sun attempts to breathe new life into Huobi by introducing memecoins.

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