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Huobi Crypto Exchange Ordered to Cease Operations in Malaysia by Securities Commission

The Securities Commission of Malaysia has ordered cryptocurrency exchange Huobi to cease operations in the country due to its failure to register as a digital asset exchange. The exchange has been directed to disable its website and mobile application on various platforms and to stop advertising to Malaysian investors. The regulator has advised investors to withdraw their assets from the platform and close their accounts, warning that continued usage could expose them to fraud. Huobi's founder and CEO, Leon Li, sold his controlling stake in the exchange to Hong Kong-based asset managers About Capital last October.

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