Malaysian regulator bans Huobi crypto exchange services

The Securities regulatory body of Malaysia ordered Huobi to suspend services from the country.

Huobi Global crypto exchange is a popular crypto exchange in the crypto sector. The services of this exchange are available globally, where crypto trading is not illegal. At present, Tron (TRX) founder Justin Sun is the biggest stakeholder in this crypto firm, as per information provided by Bloomberg News. 

On 22 May 2023, The Securities Commission Malaysia (SC) issued a ban order against Huobi Global Exchange.

Through the issued order, the SC agency ordered the exchange to stop providing services and also restrict access to the website via apps or websites for the Malaysian crypto investors.

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Now Huobi exchange’s app will not be available to download on PlayStore or Apple’s app store for Malaysian crypto Investors. 

The Securities Commission Malaysia has taken action against Huobi Global Limited for operating a digital asset exchange in Malaysia without registration, including to disable its website and mobile application on several platforms such as Apple Store, Google Play and any other…

— Wu Blockchain (@WuBlockchain) May 22, 2023

The country’s security regulatory body said that the exchange was providing services without registration, so it was not safe for the country’s citizens. 

In the present time, crypto trading is legal in this country. Crypto traders don’t need to pay taxes, which means Malaysia is a crypto-tax-free country. Because of such good crypto rules, more than 36% of citizens of the country are holding & trading crypto assets. 

In this country all the Crypto firms are required to have a Recognised Market Operator (RMO) license to provide services, otherwise providing unregistered crypto services is an offense under the Capital Markets and Services Act 2007. 

Earlier in Nov 2022, American crypto exchange Coinbase also suspended its services from the Malaysian crypto market. 

Huobi Token Price 

Huobi token (HT) is the native token of the Huobi exchange. The current trade price of this token is $2.93 & this trade price is still trading with usual market fluctuations. So we can say that the Huobi token suffered no impact because of this bad news. 

Read also: Hacker Submits Proposal To Undo Attack On Tornado Cash

Malaysian regulator bans Huobi crypto exchange services

 

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