Malaysia’s securities regulator, the Securities Commission Malaysia, has ordered Huobi Global to cease all operations in the country. The SC said that Huobi Global was operating without a license and was in violation of the country’s securities laws.
The SC’s order comes after a months-long investigation into Huobi Global. The investigation found that the exchange was offering cryptocurrency trading services to Malaysian residents without a license.
The SC also found that Huobi Global was not complying with the country’s anti-money laundering and terrorist financing regulations.
The SC’s order is a major blow to Huobi Global, which has been one of the most popular cryptocurrency exchanges in Malaysia.
The exchange has over 1 million users in the country. Huobi Global has not yet commented on the SC’s order.
The SC’s order is a reminder of the risks associated with cryptocurrency trading. Cryptocurrency exchanges are not regulated in the same way as traditional financial institutions.
This means that there is a greater risk of fraud and other crimes. Investors should carefully research any cryptocurrency exchange before using it.
