TL;DR Breakdown
- Huobi’s website and phone apps have been seized by the regulatory body, halting the exchange’s operations in Malaysia.
- The Securities Commission has prohibited Huobi from advertising its services to Malaysian investors.
- Malaysian investors are advised to withdraw their assets from the platform and close their accounts.
The Securities Commission (SC) in Malaysia has recently cracked down on Huobi exchange, a Seychelles-based cryptocurrency exchange founded in China. As a result, the Malaysian regulatory watchdogs have ordered Huobi exchange to cease its operations in the Asian country immediately.
The Securities Commission has taken decisive action by seizing control of the Huobi website and the exchange’s phone apps. This move ensures that the operation of Huobi’s online platforms is effectively halted.
According to the Securities Commission, the Huobi exchange platform has been conducting digital asset operations within the country without obtaining registration from the Malaysian authorities.
As part of their actions against the Seychelles-based company, the regulatory body has prohibited the publishing or sending advertisements to Malaysian investors. This restriction ensures that the company cannot promote its services or reach out to potential investors in Malaysia through advertising channels.
The financial regulator has strongly advised investors based in Malaysia to promptly withdraw all their assets from the platform and close their accounts. The Securities Commission (SC) expressed concerns that the continued usage of the exchange could expose investors to fraudulent activities, with local laws unable to provide adequate protection.
Additionally, the SC emphasized that CEO Leon Li is responsible for diligently implementing the directives. This proactive measure aims to safeguard the interests and security of Malaysia-based investors within the cryptocurrency market.
Despite the recent news, the native token of Huobi, HT, has demonstrated resilience in the cryptocurrency market. Over the past 24 hours, HT has experienced a bullish sentiment, with its price surging by 1.53%.
Presently, HT is being traded at $2.95, with its lowest point reaching $2.90 and its highest point reaching $2.95. This upward movement showcases HT’s strength and positive market sentiment amidst the current developments.
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