{"id":326979,"date":"2023-05-22T08:48:03","date_gmt":"2023-05-22T07:48:03","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=326979"},"modified":"2025-12-06T02:33:28","modified_gmt":"2025-12-06T02:33:28","slug":"huobi-ordered-to-cease-operations-by-malaysian-regulators","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/huobi-ordered-to-cease-operations-by-malaysian-regulators\/","title":{"rendered":"Huobi ordered to cease operations by Malaysian regulators"},"content":{"rendered":"<p>Crypto exchange Huobi was ordered to stop operating in Malaysia by the Securities Commission (SC) of the Asian country. The regulator issued a public reprimand to Huobi CEO Leon Li.<\/p>\n<p>In a May 22 press statement, Malaysia's SC said Huobi operated in the country illegally because it failed to register as a digital asset exchange (DAX).<\/p>\n<p>The authorities noted this was a severe infraction of its Capital Markets and Services Act 2007, requiring exchanges to obtain licensing from Malaysia's SC as a Recognised Market Operator (RMO).<\/p>\n<p>Due to this, the exchange has been directed to disable its website and mobile application on several platforms like Apple Store, Google Play, and others.<\/p>\n<blockquote><p>&#8220;Huobi Global Limited has also been directed to cease circulating, publishing or sending any advertisements, whether in email or on social media platforms, to Malaysian investors.&#8221;<\/p><\/blockquote>\n<p>The financial regulator advised Malaysia-based investors to withdraw all their assets from the platform and immediately close their accounts. According to the SC, their continued usage of the exchange could expose them to &#8220;fraud,&#8221; and local laws may be unable to protect them. It was <a href=\"https:\/\/www.sc.com.my\/resources\/media\/media-release\/sc-takes-enforcement-action-against-huobi-global-for-illegally-operating-dax-in-malaysia\">added<\/a> that CEO Leon Li is to ensure the directives were carried out.<\/p>\n<p>The new order comes when Huobi is trying to <a href=\"https:\/\/cryptoslate.com\/justin-sun-100-confident-huobi-will-obtain-hong-kong-vasp-license\/\">regain<\/a> its market footing. The exchange had lost a large share of its market dominance over the past years to rivals after it was forced to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-10-05\/china-s-biggest-crypto-platform-knows-there-s-no-going-home#xj4y7vzkg\">close<\/a> its Chinese operations in 2021.<\/p>\n<h2>Li sold his controlling stake<\/h2>\n<p>Meanwhile, Huobi founder and CEO Leon Li sold his controlling stake in the crypto exchange to Hong Kong-based asset managers About Capital <a href=\"https:\/\/www.scmp.com\/tech\/tech-trends\/article\/3195279\/chinese-founder-crypto-exchange-huobi-sells-majority-stake-hong\">last October<\/a>.<\/p>\n<p>Li said the deal would enable the company to accelerate globalization plans, including business expansion initiatives.<\/p>\n<p>At the time, reports indicated <a href=\"https:\/\/www.straitstimes.com\/business\/companies-markets\/chinese-crypto-mogul-leon-li-sells-stake-in-exchange-firm-huobi\">Li<\/a> would depart from the company altogether. However, per his <a href=\"https:\/\/hk.linkedin.com\/in\/leon-li-4578b2226\">LinkedIn<\/a>, he continues to hold the CEO position.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Crypto exchange Huobi was ordered to stop operating in Malaysia by the Securities Commission (SC) of the Asian country. The regulator issued a public reprimand to Huobi CEO Leon Li. In a May 22 press statement, Malaysia&#8217;s SC said Huobi operated in the country illegally because it failed to register as a digital asset exchange [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":326987,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[77001,77811,77529],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Huobi ordered to cease operations by Malaysian regulators<\/title>\n<meta name=\"description\" content=\"Malaysia&#039;s Securities Commission advised Huobi users in the country to withdraw their assets from the platform immediately.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/huobi-ordered-to-cease-operations-by-malaysian-regulators\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Huobi ordered to cease operations by Malaysian regulators\" \/>\n<meta property=\"og:description\" content=\"Malaysia&#039;s Securities Commission advised Huobi users in the country to withdraw their assets from the platform immediately.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/huobi-ordered-to-cease-operations-by-malaysian-regulators\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-22T07:48:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-06T02:33:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/huobi-malaysia.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/huobi-ordered-to-cease-operations-by-malaysian-regulators\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/huobi-ordered-to-cease-operations-by-malaysian-regulators\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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