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The Malaysian SEC accuses Huobi for illegally running a DAX

The Malaysian Securities Commission (SC) on May 22 accused both Huobi Global Limited and Leon Li, its CEO, of illegally running a digital asset exchange (DAX) and too without a license.  The SEC has requested the digital currency exchange to deactivate its website and mobile application within the nation.

Apart from this, the Malaysian SEC also ordered Huobi to stop sending or distributing any adverts to its local consumers via social media or emails. The digital currency exchange will now need to remove its app from all the sources i.e., the Google Play Store, Apple Store etc.

According to the orders, Huobi Chief should guarantee that every one of the instructions laid by the Malaysian SEC ought to be followed appropriately.

According to reports, the inventor of TRON, Justin Sun in November paid $1 billion for the dominant stake in Huobi. Asset management company About Capital, located in Hong Kong, assisted in the acquisition deal. He has, however, denied holding a controlling interest in the cryptocurrency exchange.

At the time of publication, the price of Huobi Token (HT), the native token of Huobi Global, has increased modestly over the past 24 hours by 0.74%. HT is now selling for $2.94 on average.

According to the Malaysian SEC, this move was taken because of worries regarding the exchange’s adherence to local regulatory standards. According to the commission, the exchange was running a DAX without being registered as a Recognised Market Operator (RMO). According to the 2007 Capital Markets and Services Act, this violation is a crime.

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