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.