Crypto Mufasa
Advertise
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
  • Login
  • Register
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
Crypto Mufasa
No Result
View All Result
Home Crypto Exchanges

Malaysia Declares Huobi Global Unregistered, Must Cease Operations

Hania by Hania
May 22, 2023
in Crypto Exchanges
Reading Time: 2 mins read
A A
0
Malaysia Declares Huobi Global Unregistered, Must Cease Operations
Share on FacebookShare on Twitter
ADVERTISEMENT

Huobi Global has been ordered by the Securities Commission Malaysia to cease all operations after failing to register to operate in Malaysia.

After receiving an enforcement order from Malaysia’s securities regulator, Huobi Global has been told to stop operating there.

Huobi Global is required to stop its operations after failing to register as a cryptocurrency exchange operator, according to a formal statement from Securities Commission Malaysia (SCM) on May 22. The company has been ordered to disable its website and mobile apps on Google Play and the Apple Store.

The cryptocurrency exchange also expects to discontinue email and social media marketing to Malaysian consumers in order to promote its goods and services.

You May AlsoLike

Brazil’s Central Bank To Enforce Stricter Crypto Laws

Brazil’s Central Bank To Enforce Stricter Crypto Laws

September 28, 2023
Taiwan Enforces Ban On Unregistered Cryptocurrency Exchanges

Taiwan Enforces Ban On Unregistered Cryptocurrency Exchanges

September 28, 2023

Malaysia Declares Huobi Global Unregistered, Must Cease Operations

SCM stated that their decision had been driven by issues over Huobi’s “compliance with local regulatory requirements.” The regulator also instructed Malaysian investors to stop trading on the platform, withdraw funds, and close their accounts because the company failed to obtain an SCM registration.

Following the company’s acquisition by About Capital Buyout Fund the previous month, Huobi Global received a rebranding in November 2022. In response to news of the SCM’s enforcement action, a company spokesperson stated that the order does not apply to Huobi, which continues to operate despite a change in ownership last year.

We want to make it clear that the scenario mentioned only applies to the former Huobi entity and its former shareholders in answer to recent reports. This is not related to the current Huobi platform, which follows strict global regulatory compliance.

Since August 2022, when the SCM issued an investor advisory warning that the exchange was operating illegally in Malaysia, Huobi Global has been the target of the country’s securities authority.

Huobi stated that it was in talks with Malaysian regulators concerning its regional activities after making the public announcement. In order to provide cryptocurrency spot and futures trading, the company initially formed a brokerage firm called Huobi Labuan in November 2020 for a brief nine-month period. 

By acquiring a stake in licensed trading platform MX Global in 2022, cryptocurrency exchange Binance established itself in the Malaysian market. Midway through 2021, Binance experienced a similar problem to Huobi when it was told to stop operating in the region following a lack of necessary regulatory approval.

According to the SCM website, there are only four companies registered as authorized cryptocurrency exchange operators. This comprises Tokenize Technology, MX Global, Sinegy, and Luno Malaysia. In August 2022, the list was last updated.

Tags: crypto newscrypto regulationshuobi global
Share77Tweet48
ADVERTISEMENT
Previous Post

US President Biden Won’t Accept Debt Deal Protecting Crypto Traders

Next Post

Hotbit Exchange Stops Operations And Asks Users To Withdraw Funds

Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

Related Posts

Brazil’s Central Bank To Enforce Stricter Crypto Laws
Bitcoin News

Brazil’s Central Bank To Enforce Stricter Crypto Laws

September 28, 2023
Taiwan Enforces Ban On Unregistered Cryptocurrency Exchanges
Crypto Exchanges

Taiwan Enforces Ban On Unregistered Cryptocurrency Exchanges

September 28, 2023
Binance Advises Euro Users To Convert To USDT As Paysafe Ends Support
Crypto Exchanges

Binance Advises Euro Users To Convert To USDT As Paysafe Ends Support

September 28, 2023
Binance Market Share Drops From 75% To 54%
Crypto Exchanges

Binance Market Share Drops From 75% To 54%

September 27, 2023
BlockFi Moves Closer To Repaying Customers As Court Gives The Nod
Crypto Exchanges

BlockFi Moves Closer To Repaying Customers As Court Gives The Nod

September 27, 2023
Hong Kong's SFC Exposes Unregulated Crypto Entities
Crypto Exchanges

Hong Kong’s SFC Exposes Unregulated Crypto Entities

September 26, 2023
Next Post
Hotbit Exchange Stops Operations And Asks Users To Withdraw Funds

Hotbit Exchange Stops Operations And Asks Users To Withdraw Funds

Discussion about this post

Live Prices

Stay Connected

You May Also Like

  • Terra Classic Price Prediction: What Is an Ideal LUNC Buy Zone?

    Terra Classic Price Prediction: What Is an Ideal LUNC Buy Zone?

    201 shares
    Share 80 Tweet 50
  • XRP’s Path To Success: 3 Reasons Ripple Could Explode In 2023

    198 shares
    Share 79 Tweet 50
  • Elon Musk’s Silence And Its Impact On DOGECOIN

    194 shares
    Share 78 Tweet 49
  • 3 Cryptocurrencies To Avoid Trading In The Upcoming Week

    194 shares
    Share 78 Tweet 49
  • Grayscale vs. SEC Decision Boosts XRP

    194 shares
    Share 78 Tweet 49
  • About Us
  • Contact Us
  • Work With Us
  • Privacy Policy
  • Terms Of Service

© 2022-2023 CryptoMufasa - All Rights Reserved!

No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Price Predictions
  • Google News

© 2022-2023 CryptoMufasa - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

*By registering into our website, you agree to the Terms Of Services and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.