[{"data":1,"prerenderedAt":118},["ShallowReactive",2],{"/blog/sc-enforcement-huobi-2023":3},{"id":4,"title":5,"author":6,"authorPic":7,"body":8,"category":107,"coverPics":18,"date":108,"description":109,"extension":110,"meta":111,"navigation":112,"path":113,"seo":114,"stem":115,"type":116,"__hash__":117},"blogs/blog/sc-enforcement-huobi-2023.md","Huobi gets the Binance treatment — SC orders exit from Malaysia","Malaysia Blockchain Association Team","https://api.dicebear.com/7.x/avataaars/svg?seed=mba-team-3",{"type":9,"value":10,"toc":98},"minimark",[11,19,22,30,35,38,54,61,65,68,73],[12,13,14],"p",{},[15,16],"img",{"alt":17,"src":18},"Perimeter watch","/img/blog/gen/sc-enforcement-huobi-2023.svg",[12,20,21],{},"The SC's playbook for unregistered exchanges now has a second chapter, and it reads exactly like the first.",[12,23,24,25,29],{},"The Securities Commission today ",[26,27,28],"strong",{},"publicly reprimanded Huobi Global Limited"," for operating a Digital Asset Exchange without registration as a Recognised Market Operator — an offence under the Capital Markets and Services Act 2007. Huobi had been on the SC's Investor Alert List since August 2022.",[31,32,34],"h2",{"id":33},"the-orders","The orders",[12,36,37],{},"Huobi must:",[39,40,41,48,51],"ul",{},[42,43,44,47],"li",{},[26,45,46],{},"cease all operations"," in Malaysia;",[42,49,50],{},"disable its website and mobile apps on the Apple App Store, Google Play and Huawei AppGallery; and",[42,52,53],{},"stop all advertising directed at Malaysian investors.",[12,55,56,57,60],{},"CEO ",[26,58,59],{},"Leon Li"," is held personally responsible for ensuring compliance — the same personal-accountability approach the SC used against Binance's CZ in July 2021. Malaysian users have been urged to stop trading, withdraw their funds and close their accounts.",[31,62,64],{"id":63},"the-pattern","The pattern",[12,66,67],{},"Alert list first, enforcement later, CEO named always. Two years in, the SC's approach to offshore platforms is consistent enough to be predictable — which is rather the point. For platforms weighing the Malaysian market, the options remain what they were: register, partner with someone who has, or leave.",[69,70,72],"h3",{"id":71},"references","References",[39,74,75,84,91],{},[42,76,77],{},[78,79,83],"a",{"href":80,"rel":81},"https://www.sc.com.my/resources/media/media-release/sc-takes-enforcement-action-against-huobi-global-for-illegally-operating-dax-in-malaysia",[82],"nofollow","Securities Commission Malaysia — \"SC Takes Enforcement Action Against Huobi Global for Illegally Operating DAX in Malaysia\" (22 May 2023)",[42,85,86],{},[78,87,90],{"href":88,"rel":89},"https://www.coindesk.com/policy/2023/05/22/malaysia-says-crypto-exchange-huobi-global-isnt-registered-must-cease-operations",[82],"CoinDesk — \"Malaysia says crypto exchange Huobi Global isn't registered, must cease operations\" (22 May 2023)",[42,92,93],{},[78,94,97],{"href":95,"rel":96},"https://cointelegraph.com/news/huobi-global-stops-operations-malaysia",[82],"Cointelegraph — \"Huobi Global stops operations in Malaysia\" (May 2023)",{"title":99,"searchDepth":100,"depth":100,"links":101},"",2,[102,103],{"id":33,"depth":100,"text":34},{"id":63,"depth":100,"text":64,"children":104},[105],{"id":71,"depth":106,"text":72},3,"News","2023-05-22","The SC publicly reprimands Huobi Global for operating an unregistered digital asset exchange, ordering it to disable its website and apps and holding CEO Leon Li personally responsible.","md",{},true,"/blog/sc-enforcement-huobi-2023",{"title":5,"description":109},"blog/sc-enforcement-huobi-2023","blog","EShxpSCKkbmIYdOuknX5PV4X5Wyr0iK1HpqpdOZFnR0",1784183599971]