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Cryptocurrency businesses continue to meet increased regulatory woes as they strive to satisfy worldwide demand. For instance, Huobi Exchange has met several challenges within the last few years. Besides leaving Thailand and managerial differences, the crypto company has yet another hurdle from Malaysian watchdogs.
The latest cryptocurrency news reveals that the Securities Commission Malaysia has charged Huobi Exchange and Leon Li, its CEO, for running a DAX (digital asset exchange) without certification. Furthermore, the regulator has ordered the crypto exchange to stop operating in the country and disable its mobile apps and website.
Huobi Global to stop its operations in Malaysia
The Malaysian SEC has ordered the exchange to stop publishing or circulating social media or email adverts to citizens in the country. That means the crypto exchange will remove its applications from sources such as Google Play and Apple Store. Furthermore, Leon Li should ensure that their business follows all the latest directions from the regulator.
What next for Huobi users?
Considering the current developments, the Malaysian regulator advises individuals interested in crypto to avoid Huobi. The SC urges users to withdraw their money and close their Huobi accounts. Indeed, the exchange’s future in the country remains unpredictable. The trading company may have to acquire certification if its plans to continue its operations in the country.
Meantime, neither the exchange nor Justin Sun has commented on the latest moves by the Malaysia SC. Remember, TRON’s Justin Sun paid $1B (in November) to acquire Huobi’s controlling stakes. However, Sun disagreed with owning most of the exchange’s stake.
Huobi Token still stable
While Invezz.com shows the cryptocurrency market on a correction bias, Huobi Token (HT) remains stable with modest 24hr gains. The altcoin gained 0.92% over the past day, changing hands at $2.94 at press time. Nonetheless, government scrutiny impacts crypto prices negatively.
Thus, the latest moves by the Malaysian SEC on Huobi exchange might amplify uncertainty and dent investor confidence, welcoming price dips. It remains crucial to witness upcoming HT price trends.
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