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Malaysian SEC Summons Huobi Global for Illegal DAX Operation


The crypto exchanges keep on facing high-level regulatory catastrophes as they try to please worldwide demand.

Huobi Exchange has been fighting many different challenges for the past few years.

After the exchange left Thailand, Huobi Exchange faced managerial differences.

Also, the crypto firm is facing problems with the Malaysian Securities and Exchange Commission (SEC).

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More Details of the Story

According to the breaking crypto news, the Malaysian SEC charged Huobi Exchange and its CEO, Leon Li for operating a digital asset exchange (DAX) without obtaining certification.

In addition, the watchdogs have halted the cryptocurrency exchange in Malaysia and disabled Huobi’s website and mobile apps.

Malaysia SEC Mandate to Huobi

The Malaysian SEC orders Huobi Global to cease its activities in the country.

The crypto exchange was asked to stop publishing or spreading social media or email advertisements to the citizens of Malaysia.

What this mandate is signifying is that Huobi will have to remove its apps from sources like; Apple Store and Google Play Store.

In addition, the mandate included that the CEO Leon Li should make sure that Huobi’s business adheres to all the current directions of the regulators.

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What Is The Way Forward for Huobi Global Users?

With what the Malaysian SEC is doing, it seems like they are advising individuals who are interested in crypto to steer clear of Huobi.

The SC encourages the users to pull out their funds and shut down their Huobi accounts.

Huobi’s future in Malaysia is still unpredictable.

Moreover, the crypto exchange may need to get certification in Malaysia if it aspires to operate in the country.

Meanwhile, neither Justin Sun nor Huobi has made any comments regarding the latest move by the Malaysian watchdogs.

If you think back to last year’s November, Justin Sun of TRON invested $1 billion to buy Huobi’s controlling stakes.

However, Sun never agreed that he owns the majority stake in the exchange.

Effects of the Latest Move on Huobi

While the latest news is revealing that the crypto market is on correction unfairness, the HT (Huobi Token) remains steady with moderate 24-hour gains.

That notwithstanding, the scrutiny of the authorities affects cryptocurrency negatively.

This means that the new move by the Malaysian SEC on Huobi Global may skyrocket uncertainty.

It will likely bring down investors’ confidence and also cause price decline.
















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