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- It is said that Hubei is in crisis.
- The exchange has now infuriated Malaysian market regulators.
- Malaysia represents one of Huobi’s largest markets.
judging by Trust ratings And 24-hour trading volumeHuobi remains among the largest cryptocurrency exchanges in the world. But the company was Rumored to be in crisis Since the beginning of the year when I have engaged in several cost-cutting measures.
Now the cryptocurrency exchange is closely related to You see Founder Justin Sun It is being pushed out of the Malaysian market by regulators, a blow to already dwindling trading volumes.
Malaysian Securities Commission requires Huobi to conduct Shutter Operations
in statement On Monday, May 22, the Malaysian Securities Commission revealed that it had taken enforcement action against Huobi Global and its CEO, Leon Lee, for operating in the country without a license.
As part of the action, the regulator ordered Huobi to shut down its operations in Malaysia, including access to its websites and apps. The Securities Commission also urged Malaysian investors to withdraw their funds from the cryptocurrency exchange.
The Securities Commission of Malaysia has taken action against Huobi Global Limited for operating a digital asset exchange in Malaysia without registration, including disabling its website and mobile application on various platforms such as Apple Store, Google Play and any…
WuBlockchain May 22, 2023
in February 2022 reconnaissanceMalaysians make up 4.24% of Huobi’s volume, representing its fifth largest market.
Cryptocurrency exchange He reportedly struggled Since it shut down its operations in China following a government crackdown on the cryptocurrency industry. The latest crackdown on the stock exchange in Malaysia is another potentially big blow to the company, which Lay off 20% of its employees in cost-cutting measures in January.
Huobi did not immediately respond to a request for comment and has not yet issued a statement in response to the Malaysian securities authority’s order.
on the flip side
- Huobi is expanding to Hong Kong.
- Hubei Justin Sun Global Consultant It said He is looking to sell his majority stake in the company.
Why is this important
Malaysia represents one of Huobi’s largest markets. The loss of Malaysian customers could put a huge strain on the finances of the cryptocurrency exchange. Due to declining revenues, the exchange has been forced to take cost-cutting measures recently.
Read this to understand the Huobi Q1 report:
Justin Sun’s Huobi released a scant first-quarter report, raising concerns about transparency
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