Huobi Global told Forkast it is working towards being in compliance with Malaysia after its securities regulator put the Seychelles-based cryptocurrency exchange for operating the digital asset business without proper registration.
See related article: Huobi to end crypto derivatives trading in New Zealand
- “We are currently in discussions with Malaysian regulatory authorities regarding our presence in the local Malaysian market,” Huobi told Forkast in a written statement on Wednesday. “Compliance is a core pillar of our business and we strive to adhere to this principle.”
- The Securities Commission Malaysia said any party that carries out capital market activities requires the SC’s approval and investors “are strongly urged not to invest in any unlicensed or unregistered entities.”
- “These illegal activities put investors at risk as the SC’s regulatory authority over them is limited,” the regulator added.
- Huobi said last week that it would cease crypto derivatives trading services in New Zealand from Aug. 23, only months after launching in the country.
- Huobi specified in its user agreement that it is banned from offering services in 11 jurisdictions, including the U.S., Canada, Japan and Singapore, while users in 13 jurisdictions are prohibited from trading in derivatives, including in the U.K., China, Israel and New Zealand.
See related article: Huobi looks to sell stake that values exchange at US$3 bln, Bloomberg reports