1. BITBILIHome
  2. Article

Securities Commission halts Huobi exchange operations in Malaysia

• 256 views

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.

here: Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

文章来源于互联网:Securities Commission halts Huobi exchange operations in Malaysia

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年5月23日 20:37
Next 2023年5月24日 00:09

Related articles

  • World’s largest crypto casino, Stake.com faces security breach: Over $15 million in suspicious outflows detected

    TL;DR Breakdown Crypto-based betting platform Stake has been targeted in a security exploit, with over $15 million in suspicious outflows detected, consisting of 6,000 ether and $5.9 million in stablecoins. Stake has paused both deposits and withdrawals in the wake of the incident but has yet to issue an official statement. Description In a startling revelation that has sent shockwaves through the cryptocurrency community, the crypto-based betting platform Stake has reportedly been targeted in a security exploit involving suspicious outflows of over $15 million.  On-chain analysts have detected multiple irregular transactions from the platform, raising concerns about a potential security vulnerability affecting Stake’s wallet.  The anatomy of … Read more In a startling revelation that has sent shockwaves through the cryptocurrency community, the crypto-based betting platform Stake has reportedly been targeted in a security exploit involving suspicious outflows of over $15 million.  On-chain analysts have detected multiple irregular transactions from the platform, raising concerns about a potential security vulnerability affecting Stake’s wallet.  The anatomy of the exploit: What was lost? According to on-chain analyst Cyvers, approximately $15.7 million was transferred…

    Article 2023年9月5日

  • Dasset exchange clients struggle as accounts freeze amid financial distress

    TL;DR Breakdown Auckland’s Dasset exchange faces financial turmoil, leaving clients unable to access funds due to frozen accounts and liquidation delays. Clients are surprised as Dasset freezes accounts, impacting those with substantial cryptocurrency holdings. The exchange temporarily halts withdrawals but continues Bitcoin (BTC) trading. Description Auckland-based exchange Dasset is mired in financial distress, leaving its clients grappling with frozen accounts and uncertain futures. The Herald reports today that the exchange’s precarious situation has left users with substantial holdings in limbo. The sudden freeze on their accounts has blindsided clients of Dasset as the cryptocurrency exchange prepares for liquidation. According to … Read more Auckland-based exchange Dasset is mired in financial distress, leaving its clients grappling with frozen accounts and uncertain futures. The Herald reports today that the exchange’s precarious situation has left users with substantial holdings in limbo. The sudden freeze on their accounts has blindsided clients of Dasset as the cryptocurrency exchange prepares for liquidation. According to the report, users lament losing access to tens of thousands of dollars worth of cryptocurrency. The situation highlights the vulnerabilities and challenges…

    Article 2023年8月15日

  • Congressman Ritchie Torres asks SEC to stop its assault on crypto

    TL;DR Breakdown Congressman Ritchie Torres has urged the SEC to review its strict approach toward cryptocurrencies. Torres criticized the SEC’s use of the Howey Test and suggested digital assets could be part of securities contracts. He also highlighted the SEC’s lack of clear communication with the industry, stressing the current regulatory uncertainty. Description US Congressman Ritchie Torres has written a scathing letter to the SEC Chair, Gary Gensler, urging SEC to stop its assault on cryptocurrencies. In the aftermath of a decisive lawsuit loss against Ripple Labs, wherein the court ruled XRP was not a security, Torres questioned the SEC’s continued, harsh scrutiny of digital assets in one … Read more US Congressman Ritchie Torres has written a scathing letter to the SEC Chair, Gary Gensler, urging SEC to stop its assault on cryptocurrencies. In the aftermath of a decisive lawsuit loss against Ripple Labs, wherein the court ruled XRP was not a security, Torres questioned the SEC’s continued, harsh scrutiny of digital assets in one of his recent letters.  The Bronx representative criticized the SEC’s usage of the Howey…

    Article 2023年7月19日

  • U.S. House Committee advances legislation to halt CBDCs

    TL;DR Breakdown The U.S. House Financial Services Committee is advancing two bills to prevent the Federal Reserve from issuing a Central Bank Digital Currency (CBDC) without Congressional approval. The topic has become a divisive issue, even entering presidential campaigns, with candidates like Robert F. Kennedy Jr. and Ron DeSantis opposing a CBDC due to financial privacy concerns. Despite the legislative push against CBDCs, Rep. Stephen Lynch (D-Mass.) reintroduced a bill advocating for a digital dollar pilot program, highlighting the ongoing debate and division among lawmakers. Description The United States House Financial Services Committee, chaired by Patrick McHenry, is progressing with two bills aimed at preventing the Federal Reserve from issuing a Central Bank Digital Currency (CBDC) without Congressional approval.   The first bill, known as the Digital Dollar Pilot Prevention Act or H.R. 3712, was introduced by Representative Alex Mooney (R-W.V) in … Read more The United States House Financial Services Committee, chaired by Patrick McHenry, is progressing with two bills aimed at preventing the Federal Reserve from issuing a Central Bank Digital Currency (CBDC) without Congressional approval.   #NEW: Chairman @PatrickMcHenry…

    Article 2023年9月18日

  • BRICS potential: Experts suggest it could rival G7 soon

    TL;DR Breakdown BRICS, representing over 25% of global GDP, is poised to challenge the G7’s economic dominance. Over 40 countries are keen to join BRICS, reflecting its growing influence. The group’s diverse initiatives, like the New Development Bank (NDB) and digital currencies, set it apart. Description The narrative of global economic leadership is shifting. BRICS, an amalgamation of burgeoning economies that once stood on the fringes of global economic discourse, now stands toe-to-toe with the world’s economic heavyweights. Representing over a quarter of the world’s GDP, there’s rising speculation that BRICS could soon be the G7’s fiercest competitor. An Unprecedented Economic … Read more The narrative of global economic leadership is shifting. BRICS, an amalgamation of burgeoning economies that once stood on the fringes of global economic discourse, now stands toe-to-toe with the world’s economic heavyweights. Representing over a quarter of the world’s GDP, there’s rising speculation that BRICS could soon be the G7’s fiercest competitor. An Unprecedented Economic Surge BRICS, an alliance of Brazil, Russia, India, China, and South Africa, is not just a random assembly of nations; it’s…

    Article 2023年8月15日
TOP