Huobi Global says it is working hard to comply with Malaysia after the country’s securities regulator brought Huobi to investigate its digital asset business without proper registration.
“We are currently in discussions with Malaysian regulators about our presence in the local Malaysian market,” Huobi said 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 of Malaysia said any party carrying out activities in the capital markets would need the approval of the SC and investors were “strongly encouraged not to invest in any unlicensed or unregistered entity”.
“These illegal activities put investors at risk as the SC’s regulatory authority for them is limited,” the regulator added.
Last week, Huobi said it would discontinue cryptocurrency derivatives trading services in New Zealand from August 23, just months after launching in the country.
Huobi has made it clear in its user agreement that it is prohibited from providing services in 11 jurisdictions, including the United States, Canada, Japan, and Singapore, while users in 13 jurisdictions are prohibited from trading in derivative products, including in the U.K., China, Israel, and New Zealand.