The Securities Commission (SC) of Malaysia announced that the giant crypto exchange, Huobi, is operating without an official registration in the country. The commission has requested Huobi to block access to its website and mobile apps from Malaysia.
Huobi Forced to End Its Operations in Malaysia
Upon revealing that Huobi has been operating without an official registration in the country, the Malaysian SEC requested the crypto exchange to block access to its website and mobile apps from Malaysia. The SC also instructed Huobi not to advertise in any form to its users in the country, be it via social media or email.
The crypto exchange Huobi, majority of whose shares are held by Justin Sun, will restrict Malaysian access to its exchange applications across various platforms, including its website, the Apple Store (App Store), Google Play, and other sources following the SC’s notice.
The sanction orders sent to the crypto exchange by the SC mandate Huobi’s CEO to restructure according to all instructions set by the Malaysian SEC. Until these reconfigurations are implemented, the crypto exchange will not have a chance to operate in the country.
Justin Sun Purchased Majority Shares of Huobi
Despite constantly rejecting claims of buying a majority stake in Huobi, it was revealed in November 2022 that TRON’s founder and CEO, Justin Sun, purchased the majority stake of the crypto exchange for 1 billion dollars. The transaction for Sun’s purchase of the majority stake in the crypto exchange was carried out through the Hong Kong-based asset management company About Capital.
According to data provided by the crypto data platform CoinMarketCap, Huobi reached a trading volume of over 338 million dollars in the last 24 hours at the time of this writing. With this trading volume, the crypto exchange ranks as the 14th largest crypto exchange globally. Binance clearly leads the list in the first place.
