Huobi Banned From Malaysia
Huobi Global has been banned from Malaysia by the Securities Commission Malaysia (SC). The SC issued a statement on May 20, 2023, saying that Huobi Global is not authorized to offer digital asset exchange (DAX) services in Malaysia.
The SC said that Huobi Global has been operating in Malaysia without a license and that it is therefore in violation of the Securities Act 1983. The SC also said that Huobi Global’s activities pose a risk to investors.
Huobi Global has said that it is “currently in discussions with Malaysian regulatory authorities regarding our presence in the local Malaysian market” and that it “strives to adhere to this principle [of compliance].”
The ban on Huobi Global is the latest in a series of regulatory crackdowns on cryptocurrency exchanges in Malaysia. In March 2023, the SC issued a similar ban on Binance.
The SC’s actions are a sign that Malaysia is taking a more cautious approach to cryptocurrency regulation. The SC is concerned about the risks of cryptocurrency fraud and manipulation, and it wants to protect investors from these risks.
The ban on Huobi Global is likely to have a negative impact on the cryptocurrency industry in Malaysia. Huobi Global is one of the largest cryptocurrency exchanges in the world, and its ban will make it more difficult for Malaysians to access cryptocurrency markets.
It is unclear what the long-term impact of the ban will be. It is possible that the ban will lead to the closure of other cryptocurrency exchanges in Malaysia. It is also possible that the ban will push Malaysians to use cryptocurrency exchanges that are not regulated by the SC.
The ban on Huobi Global is a reminder of the risks of cryptocurrency investing. Cryptocurrency is a volatile asset, and there is always the risk of losing money. Investors should only invest in cryptocurrency if they are comfortable with the risks.
What is Huobi and Why Was it Banned in Malaysia?
Huobi Global is a cryptocurrency exchange that was founded in 2013. It is one of the largest cryptocurrency exchanges in the world, with over 10 million users.
Huobi Global was banned from Malaysia by the Securities Commission Malaysia (SC) on May 20, 2023. The SC said that Huobi Global is not authorized to offer digital asset exchange (DAX) services in Malaysia.
The SC said that Huobi Global has been operating in Malaysia without a license and that it is therefore in violation of the Securities Act 1983. The SC also said that Huobi Global’s activities pose a risk to investors.
Huobi Global has said that it is “currently in discussions with Malaysian regulatory authorities regarding our presence in the local Malaysian market” and that it “strives to adhere to this principle [of compliance].”
The ban on Huobi Global is the latest in a series of regulatory crackdowns on cryptocurrency exchanges in Malaysia. In March 2023, the SC issued a similar ban on Binance.
The SC’s actions are a sign that Malaysia is taking a more cautious approach to cryptocurrency regulation. The SC is concerned about the risks of cryptocurrency fraud and manipulation, and it wants to protect investors from these risks.
The ban on Huobi Global is likely to have a negative impact on the cryptocurrency industry in Malaysia. Huobi Global is one of the largest cryptocurrency exchanges in the world, and its ban will make it more difficult for Malaysians to access cryptocurrency markets.
It is unclear what the long-term impact of the ban will be. It is possible that the ban will lead to the closure of other cryptocurrency exchanges in Malaysia. It is also possible that the ban will push Malaysians to use cryptocurrency exchanges that are not regulated by the SC.
The ban on Huobi Global is a reminder of the risks of cryptocurrency investing. Cryptocurrency is a volatile asset, and there is always the risk of losing money. Investors should only invest in cryptocurrency if they are comfortable with the risks.
Here are some of the reasons why Huobi Global was banned in Malaysia:
- Huobi Global was operating in Malaysia without a license.
- Huobi Global’s activities posed a risk to investors.
- The SC is concerned about the risks of cryptocurrency fraud and manipulation.
- The SC wants to protect investors from these risks.
The ban on Huobi Global is a sign that Malaysia is taking a more cautious approach to cryptocurrency regulation. It is unclear what the long-term impact of the ban will be, but it is likely to have a negative impact on the cryptocurrency industry in Malaysia.
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