Malaysia’s Securities Commission Orders

Crypto Exchange Huobi to Halt Operations

The Securities Commission in Malaysia today announced that it's shuttering Huobi's local operations due to compliance concerns.

Malaysia’s leading securities regulator, the Securities Commission (SC), today announced that it has ordered Seychelles-based crypto exchange Huobi to shutter operations in the country.

It appears Huobi has fallen foul of Malaysian regulators for operating a digital asset exchange without registration, according to the announcement. Running a crypto exchange without a Recognised Market Operator (RMO) license is an offense under the Capital Markets and Services Act 2007.

A public reprimand has also been issued against the exchange and its founder Leon Li. As the company’s chief executive, Li has been ordered to oversee the process of winding down local operations, ceasing communications with Malaysian investors, disabling the website, and withdrawing the app from app stores.

The regulator’s announcement says the

Exchange Commission (SEC) and payment company Ripple over XRP’s status continues. The US District Court for the Southern District of New York is yet to deliver a judgment on the matter, but a recent submission by the SEC’s staff has led to some interesting developments in the case.

Ripple Lawsuit Takes A Dramatic Turn –SEC Emails Exposed

USDT’s market cap has increased by nearly 25% since the beginning of the year.

Amid the banking turmoil in the United States, Tether (USDT) emerged as the preferred stablecoin.

The fight between the U.S. Securities and

Attorney’s Claim Could Be A Game-Changer

For Ripple’s Future Attorney John Deaton, representing XRP holders in the Ripple lawsuit, has highlighted a footnote in Ripple’s opposition and reply briefs submitted to the court. The footnote suggests that there are “reasonable grounds” to conclude that XRP does not satisfy all elements of the Howey enforcement action was taken “after concerns about the platform’s compliance with local regulatory requirements and protecting investors’ interests.”

Decrypt reached out to the SC and Huobi for further comment but did not receive an immediate response.

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Analysis and may not be considered a security under federal securities law.

The Howey Analysis is a legal test used to determine whether an asset is a security, based on four criteria:

(1) the investment of money, (2) in a common enterprise, (3) with a reasonable expectation of profits, (4) solely from the efforts of others. If an asset meets all four criteria, it is considered a security subject to federal securities laws.

The SEC has previously argued that XRP meets all four elements of the Howey Analysis and should be considered a security, subject to registration.

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