### In a major regulatory move, the Securities Commission Malaysia (SC) has issued an order to Huobi Global, a prominent cryptocurrency exchange, demanding the immediate cessation of its operations within the country. The SC has deemed Huobi Global an unregistered digital asset exchange, highlighting the importance of complying with regulatory frameworks in the rapidly evolving crypto industry.

The SC's directive encompasses the removal of Huobi Global's website and mobile applications, as well as the prohibition of circulating, publishing, or sending advertisements to potential investors in Malaysia. The CEO of Huobi Global, Leon Li, has been specifically instructed to ensure the prompt implementation of these measures.



Concerned about the potential risks associated with unregulated platforms, the SC has urged Malaysian investors to refrain from trading on the exchange and advised them to withdraw their funds and close their accounts. This move is in line with the regulator's commitment to safeguarding the interests of investors and maintaining the integrity of the financial ecosystem.



Currently, only four cryptocurrency exchange operators are officially registered with the SCM. Luno Malaysia, MX Global, Sinegy, and Tokenize Technology have met the necessary requirements and comply with the regulatory framework established by the SC. These registered platforms offer Malaysian investors a secure and regulated environment to engage in cryptocurrency trading.



The crackdown serves as a stern reminder to all players in the crypto industry of the importance of adhering to regulatory guidelines. As governments worldwide continue to adapt to the challenges posed by digital assets, it becomes increasingly vital for exchanges and platforms to prioritize compliance, investor protection, and the establishment of trust within the evolving landscape of cryptocurrencies.

In a major regulatory move, the Securities Commission Malaysia (SC) has issued an order to Huobi Global, a prominent cryptocurrency exchange, demanding the immediate cessation of its operations within the country. The SC has deemed Huobi Global an unregistered digital asset exchange, highlighting the importance of complying with regulatory frameworks in the rapidly evolving crypto industry.

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Huobi Global Hits Regulatory Roadblock: Malaysia Demands Shutdown Over Lack Of Registration