- Investors have been cautioned to only work with registered businesses.
- The crypto exchange was ordered to immediately remove app from all available app stores.
On Monday, the Securities Commission of Malaysia (SC) said that it has filed charges against Huobi Global Limited and its CEO, Leon Li, for illegally running a DAX.
The crypto exchange was urged by the Commission to remove access to its website and mobile app in the nation. The Malaysian SEC ordered Huobi to stop emailing or posting ads to its local users on social media.
Trouble Continues for Justin Sun
The cryptocurrency exchange must immediately remove its app from all available app stores. The CEO of Huobi is responsible for ensuring compliance with the Malaysian SEC’s directives as per the order.
It was claimed in November that TRON founder Justin Sun had paid $1 billion to purchase a controlling interest in Huobi. About Capital, an asset management located in Hong Kong helped bring the deal to fruition. Meanwhile, he’s refuted claims that he controls more than 50% of the cryptocurrency trading platform.
The decision was taken today in response to mounting worries about the platform’s ability to meet local regulatory standards and safeguard investor interests. Investors have been cautioned to only work with registered businesses.
The price of Huobi Token (HT), the platform’s native token, has increased by 0.3% in the previous 24 hours as of press time. The current average price for HT is $2.93 according to data from CMC.
In March this year, the US Securities and Exchange Commission (SEC) sued Justin Sun, founder of Tron. And a member of Huobi’s worldwide advisory group, and three of his wholly-owned firms on March 22. Securities fraud, market manipulation, and other offences are among the allegations levelled against them.
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