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Cryptocurrency Regulatory and Legislative Analysis #10

Regulatory and Legislative Analysis – GLOBAL

Transparency International publishes report on illicit use of crypto

On May 3, Transparency International’s U4 Helpdesk published a report on illicit use of cryptocurrencies. Some of the main points highlighted in the report: Cryptocurrency is not only restricted to cybercrime but is used for all types of crimes that involve the transmission of monetary value; High volatility in crypto value is a constraint associated with the long-term use of cryptocurrencies in criminal activities; International development agencies can mitigate the criminal use of cryptocurrencies via coordinating the development of regulatory frameworks; although the use of cryptocurrency in criminal activity is increasing, it still remains only a limited share of the criminal economy compared to cash.

The U4 anti-corruption helpdesk is a free research service exclusively for staff from U4 partner agencies: GIZ/BMZ (Germany), Global Affairs Canada, Ministry for Foreign Affairs of Finland, Danida (Denmark), Sida (Sweden), SDC (Switzerland), Norad (Norway), UK Aid/FCDO. This service is a collaboration between U4 and Transparency International (TI) in Berlin, Germany. Researchers at TI run the helpdesk.

G7 Finance Ministers and Central Bank Governors discuss crypto in Niigata, Japan

On May 13, the G7 Finance Ministers and Central Bank Governors, met in Niigata, Japan, joined by the Heads of the International Monetary Fund (IMF), World Bank Group, Organization for Economic Cooperation and Development, and Financial Stability Board (FSB). Alongside other topics they covered “Financial Digitalization,” stating that they will continue policy deliberation on digital money to harness the benefits of innovation in payments and financial inclusion, while addressing potential risks to the stability, resilience and integrity of the monetary and financial system.  In this context Central Bank Digital Currencies (CBDCs) could have a substantial role to play. The G7 supports FSB’s efforts to promote a consistent, effective and timely implementation of the recommendations globally to avoid regulatory arbitrage as well as FSB’s follow-up work on Decentralized Finance (DeFi). G7 also supports the efforts of the Financial Action Task Force (FATF) on accelerating global implementation of the FATF standards, including the “Travel Rule”.  Earlier in April, the IMF published a report on CBDC capacity development, detailing its strategy to support and advise countries exploring CBDCs and the decision to launch a CBDC Handbook as a reference for policymakers and central bank experts.

IOSCO issues consultation to set the standards for global crypto regulation

In a major initiative, on May 23, the International Organization of Securities Commissions (IOSCO) issued a consultation, with detailed recommendations to jurisdictions across the globe as to how to regulate crypto.  The recommendations cover six key areas: Conflicts of interest arising from vertical integration of activities and functions; Market manipulation, insider trading and fraud;  Cross-border risks and regulatory cooperation; Custody and client asset protection; Operational and technological risk; Retail access, suitability, and distribution. Comments on the consultation paper should be sent to IOSCO by July 31.

IMF issues publication on Taxing Stablecoins

The International Monetary Fund (IMF) published a document in “Fintech Notes” on taxing stablecoins prepared by Christophe Waerzeggers, Irving Aw and Jess Cheng.  Fintech Notes specifically considers the challenges that tax law systems face to achieve neutrality in taxing transactions in one specific type of crypto asset: stablecoins.  Neutrality is crucial in tax law design to avoid economic distortion by tax considerations.

Regulatory and Legislative Analysis – NAM (United States & Canada)

First Republic Bank is the latest financial institution to come under stress

On May 1, the FDIC announced that San Francisco based First Republic Bank (FRB), was closed by the California Department of Financial Protection and Innovation (DFPI), which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.  Following a competitive bid process involving several banks, JP Morgan Chase (JPMC) announced that it acquired the substantial majority of assets and assumed the deposits and certain other FRB’s liabilities.  As part of the deal, FDIC will provide loss share agreements covering acquired single-family residential mortgage loans and commercial loans; a $50B, 5-year fixed-rate term financing deal to plug the gap in lost deposits; and got the 10% deposit limit for any single US bank waived.  As of April 13, FRB has $229 billion total assets and $103 billion total deposits, while its stock price lost 97% of its value, from $122 on March 1, to $3 on Apr 27.

FBI disrupts nine virtual currency exchanges used to facilitate criminal activity

On May 1, the FBI announced that the Detroit Field Office, with assistance from the Virtual Currency Response Team (VCRT), the Cyber Police Department and Main Investigation Departments of the National Police of Ukraine, and the Prosecutor General’s Office of Ukraine, seized nine virtual currency exchange domain services:,,,,,,,, and  These domain names offered anonymous, non-KYC cryptocurrency exchange services to website visitors and allegedly provided assistance to cyber-criminals.

Poloniex exchange settles with OFAC over sanctions violations, pays $7,6 million

On May 1, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced a settlement with Poloniex, LLC.  Poloniex agreed to remit roughly $7,6 million to settle its potential civil liability for apparent violations of sanctions against Crimea, Cuba, Iran, Sudan, and Syria, between Jan 2014 and Nov 2019.  Poloniex allowed customers located in sanctioned jurisdictions to engage in online digital asset-related transactions, despite having reason to know their location based on both Know Your Customer information and internet protocol address data.

NYDFS orders bitFlyer USA to pay $1,2 million for compliance deficiencies

On May 1, the New York State Department of Financial Services (NYDFS) issued a consent order against bitFlyer USA, for compliance deficiencies in maintaining an effective cybersecurity program and for not customizing bitFlyer USA’s policies and procedures to the company’s needs and risks.  The NYDFS ordered bitFlyer USA to pay a penalty of $1,2 million, no later than ten days after the effective date of this consent order.

FDIC releases report detailing supervision of the former Signature Bank

The Federal Deposit Insurance Corporation (FDIC) released FDIC’s Supervision of Signature Bank. This internal review evaluated the agency’s supervision of Signature Bank from 2017 until its failure in March 2023. The detailed analysis highlights that the primary cause of Signature’s Bank failure was illiquidity, precipitated by contagion effects in the wake of the announced self-liquidation of Silvergate Bank, and the failure of Silicon Valley Bank in March 2023, after both experienced deposit runs.  However, the report highlights Signature’s poor management as the root cause of its failure, highlighting its pursuit of rapid, unrestrained growth without developing adequate risk management practices and controls. Regarding FDIC’s supervision of Signature Bank, the report finds that “the FDIC conducted a number of targeted reviews and ongoing monitoring, issued Supervisory Letters and annual roll–up reports of examination (ROEs), and made a number of SRs to address supervisory concerns. In retrospect, FDIC could have escalated supervisory actions sooner, consistent with the Division of Risk Management Supervision’s (RMS) forward–looking supervision concept. Additionally, examination work products could have been timelier and communication with [Signature Bank’s] board and management could have been more effective.”

SEC Chairman Gensler releases video regarding the laws governing securities

Securities and Exchange Commission (SEC) Chairman Gary Gensler released a video regarding the laws governing securities. According to what is known as the “Howey test”, a transaction qualifies as a security and thus falls under the requirements of the Securities and Exchange Commission (SEC) if it satisfies the following four criteria: It is an investment of funds; in a common enterprise; with the expectation of profit; to be derived from the efforts of others.  Earlier in April, during a nearly five-hour Congressional Hearing before the House Financial Services Committee, Chairman Gensler refused to say whether ether (ETH), the second-largest cryptocurrency by market cap, was a security, presumably because it all depends on the specific facts and circumstances for an investment contract to be considered as a security.

Florida, North Carolina and Texas pass bills banning CBDCs

North Carolina House Bill 690 was initially introduced in early April, under the title “No Cryptocurrency Payments to State” prohibiting payments using central bank digital currencies (CBDCs) and forbidding the Federal Reserve from using the state for its CBDC pilot testing.  The Bill was changed to focus on digital currencies issued by the U.S. Federal Reserve in an edition filed on May 2  The Bill will now go to the state’s Senate, in what appears an increasing legislative pushback against CBDCs.   Earlier in March Florida’s Governor Ron DeSantis announced legislation to prohibit the use of a federally adopted (and controlled) or foreign CBDC as money, while in May, the House passed bill Senate Bill 7054: Central Bank Digital Currency. Similarly,  the state of Texas is introducing a bill to prohibit the use of a central bank digital currency (CBDC) within the state, claiming increased government surveillance and privacy considerations.

OpenSea former manager found guilty in first NFT insider trading prosecution

Nathaniel Chastain, a former manager at OpenSea, the largest online marketplace for the purchase and sale of Non-Fungible Tokens (NFTs), was charged in June 2022, with fraud and money laundering by the Department of Justice.  As described in the legal documents, as part of his employment Chastain was responsible for selecting NFTs to be featured on OpenSea’s homepage, and exploited his advanced knowledge for his own personal financial gain.  Chastain was found guilty of wire fraud and money laundering on May 3 and allegedly made over $55,000 by using insider and confidential information to purchase dozens of NFTs in advance of them being featured on OpenSea’s homepage.  The case is considered the first NFT insider trading prosecution, with broad implications for the NFT industry.  The case is USA v. Chastain, case number 1:22-cr-00305, in the U.S. District Court for the Southern District of New York.

White House announces critical and emerging technology national strategy

On May 4, the White House released a strategy document focusing on composing standards for Critical and Emerging Technologies (CET).  Standards are the guidelines used to ensure the technology Americans routinely rely on is universally safe and interoperable.  The United States will prioritize efforts for standards development for a subset of CET, including, among others, Digital Identity Infrastructure and Distributed Ledger Technologies. There are also specific applications of CET that certain departments and agencies have determined will impact our global economy and national security. The United States will focus standards development activities and outreach on these applications, which include Cybersecurity, Privacy and more.

SEC charges Coinme CEO and subsidiary with securities fraud

The Securities and Exchange Commission (SEC) announced settled charges against Seattle-based company Coinme Inc., its subsidiary Up, Global SEZC, and the Chief Executive Officer of both entities, Neil Bergquist, for conducting unregistered offers and sales of securities in the form of a crypto asset called “UpToken.” The charges against Bergquist and Up Global also included making false and misleading statements concerning the demand for UpToken and the amount raised in the offering.  Up Global agreed to pay a $3,520,000 penalty, for which Coinme is liable on a joint-and-several basis. Coinme also agreed to pay a separate $250,000 penalty and Bergquist agreed to pay a penalty of $150,000. The SEC order also bars Bergquist from acting as an officer or director of a public company for a period of 3 years.

NY attorney general announced landmark legislation to tighten crypto-regulations

On May 5, New York Attorney General Letitia James announced landmark legislation to tighten regulations on the cryptocurrency industry to protect investors, consumers, and the broader economy. Attorney General James’ program bill, which proclaims to propose the strongest and most comprehensive set of regulations on cryptocurrency in the nation, would increase transparency (require independent public audits), eliminate conflicts of interest (i.e. individuals from owning the same companies), and impose commonsense measures to protect investors, consistent with regulations imposed on other financial services.

Bittrex filed for bankruptcy with more than $500 million in debt

Having previously announced that Bittrex U.S. would be ceasing all its U.S. operations effective April 30th, claiming continued regulatory uncertainty, on May 8, Bittrex, Inc. and some of its affiliates (Desolation Holdings LLC, Bittrex Malta Holdings Ltd., Bittrex Malta Ltd.), each filed for voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code in Delaware, with more than $500 million in debt.  Earlier in April, the Securities and Exchange Commission (SEC) charged crypto asset trading platform Bittrex, Inc. and its co-founder and former CEO William Shihara for operating an unregistered national securities exchange, brokerage, and clearing agency. The SEC also charged Bittrex, Inc.’s foreign affiliate, Bittrex Global GmbH, for failing to register as a national securities exchange in connection with its operation of a single shared order book along with Bittrex.

Marathon Bitcoin Miner received a new SEC subpoena

Marathon Digital, a U.S. based Bitcoin mining firm is under scrutiny by the U.S. Securities and Exchange Commission (SEC). In its quarterly report filed May 10, specifically under note 12 titled “Legal Proceedings,” Marathon stated that “During the quarter ended September 30, 2021, the Company and certain of its executives received a subpoena to produce documents and communications concerning the Hardin, Montana data center facility described in our Form 8-K dated October 13, 2020. The Company received an additional subpoena from the SEC on April 10, 2023, relating to, among other things, transactions with related parties. We understand that the SEC may be investigating whether or not there may have been any violations of the federal securities law. We are cooperating with the SEC”.

Binance quits Canada claiming regulatory uncertainty

On May 13, Binance announced it is leaving Canada, claiming regulatory uncertainty and new stricter rules introduced in February by the Canadian Securities Administrators (CSA) that prohibit Canadians from trading cryptoassets considered as securities or derivatives and require crypto-exchanges to file new pre-registration requirements.  Binance has instructed its Canadian users to close their positions by September 30, 2023.

Paxful P2P marketplace resumes operations after suspending operations in April

U.S. based Paxful announced that Paxful marketplace is back online.  One month earlier, in April Paxful’s founder and CEO Ray Youssef announced  the suspension of the marketplace, citing staff departures and regulatory challenges, saying they’re not sure if they will come back.

President Biden proposes 30% Digital Asset Mining Excise (DAME) Tax

President Biden proposed the  Digital Asset Mining Excise (DAME) a new 30% tax on cryptominers in this year’s budget.  This proposed new tax proclaims to address “the economic and environmental costs of current practices for mining crypto assets”.  The White House’s press release considers cryptominer’s high energy consumption (associated with Bitcoin’s computationally intensive Proof of Work consensus mechanism used in mining), as having negative spillovers on the environment, quality of life, and electricity grids where these firms locate across the country.  When comparing the scale of the power consumption associated with 34 of the largest cryptomining operations in the U.S., it was found similar to what is used to power all the country’s home computers or residential lighting.

SEC considers Grayscales’ Filecoin Trust a security and asks them to withdraw their application for the trust product

On May 17, Grayscale Investments, proclaimed as the world’s largest digital currency asset manager and sponsor of Grayscale Filecoin Trust (FIL) announced  that it has received a comment letter from the SEC staff stating its view that the Trust’s underlying asset, FIL, meets the definition of a security under the federal securities laws and therefore the Trust appears to meet the definition of an investment company under the Investment Company Act of 1940. The SEC staff requested that Grayscale seek withdrawal of the registration statement promptly. Grayscale does not believe that FIL is a security under the federal securities laws and intends to respond promptly to the SEC staff. However Grayscale cannot predict whether the SEC staff will be persuaded with its explanation. Grayscale Filecoin Trust is solely and passively invested in Filecoin (FIL) a decentralized storage and distribution network that aims to connect customers and data storage providers from around the world to achieve an efficient and robust marketplace for data storage needs. FIL is used both as a medium of exchange and as collateral on the Filecoin network.  In order to contribute storage capacity, miners must lock up FIL as collateral. As demand for storage on the network increases, so too does the demand for FIL. Investors can think of FIL as a taxi medallion – the value of the taxi medallion is proportional to the amount of money a driver can earn in a year. As the opportunity for revenue on the Filecoin network grows, so too should demand for the FIL. More details can be found in the white paper here.

Regulatory and Legislative Analysis – EMEA

Europol takes down illegal dark web marketplace “Monopoly Market”

The EU Agency for Law Enforcement Cooperation (Europol) announced that it seized illegal dark web marketplace “Monopoly Market”, as a result of an international operation involving nine countries.  This operation, under code name “SpecTor,” led to the arrest of 288 suspects involved in buying or selling drugs on the dark web. More than EUR 50.8 million (USD 53.4 million) in cash and virtual currencies, 850 kg of drugs (amphetamines, cocaine, MDMA, LSD, ecstasy pills), and 117 firearms were seized.  Authorities from Austria, France, Germany, Netherlands, Poland, Brazil, Switzerland, United Kingdom and United States took part in this operation.

UK’s FCA continues crackdown on unregistered crypto-ATMs

On May 5, UK’s Financial Conduct Authority (FCA) announced that as part of a continued crackdown, it has used its powers to inspect sites in Exeter, Nottingham and Sheffield, suspected of hosting illegally operated crypto-ATMs.  This action followed similar previous inspections in East London and Leeds.  Crypto asset exchange providers, which includes crypto-ATM operators, in the UK must be registered with the FCA and comply with the UK Money Laundering Regulations.

Stricter AML laws in Estonia decreased active VASPs from 400 to 100 

On May 8, Estonia’s Financial Intelligence Unit (FIU) announced that following the March 2022 enhanced amendments to the Money Laundering and Terrorist Financing Prevention Act, the validity of 389 authorizations has expired, either based on the decision of the Financial Intelligence Unit (which revoked roughly 200 authorizations due to non-compliance) or at the request of the service providers. Estonia’s FIU announced that as of May 1, 2023, there were 100 active authorizations in Estonia for the provision of virtual asset services.  In reviewing authorization applications, Estonia’s FIU found many suspicious circumstances that would surprise any regulator, such as contact persons appointed as members of the management board who were not aware of having been appointed, or whose curricula vitae were falsified or who did not have proper business reputation. Business plans submitted by several companies were identical, lacked any logic or connection with Estonia and in some cases were poorly machine translated with inadequate quality.

Israel seizes suspicious crypto accounts linked to Hamas and the Islamic State  

Israel’s National Bureau for Counter Terror Financing (NBCTG) seized roughly 190 suspicious crypto accounts, allegedly owned by Palestinian firms connected to the Islamist Hamas group and linked to the Islamic State.  Relevant seizure orders ASO 19/23 and ASO 15/93 of the Minister of Defense indicate that many of these accounts and wallets were maintained at Binance.  Binance’s reply to the relevant Reuters story can be found here, wherein they say unequivocally that they have been working closely with international counter-terrorism authorities on these seizures.

BIS Innovation Hub Nordic Center publishes report on CBDC use in offline payments

On May 11, the Bank of International Settlements (BIS) published a comprehensive handbook as part of project Polaris, exploring key aspects of how central bank digital currencies (CBDCs) could work for offline payments, potentially used without being connected to the internet.  Based on a survey conducted by the BIS Innovation Hub Nordic Centre shows that 49% of central banks consider offline payments with retail CBDC to be vital, while another 49% deemed it to be advantageous. The handbook provides a comprehensive overview of the key aspects of offline payments with CBDC (security, privacy, likely risks, regulatory considerations, operational factors) and is intended to serve as a guide for central banks considering implementing offline payments capabilities.

EU Parliament adopts updated MiCA and regulations for crypto-assets transferring in the EU

On May 16, the Council of the European Union and the EU Parliament adopted updated regulations concerning crypto-asset transfers in the EU.  Earlier in April, the EU parliament voted in favor of the first piece of EU legislation which specifies the implementation of the so-called “travel rule”.  Information on the source of the asset and its beneficiary will have to “travel” with the transaction and be stored on both sides of the transfer.  The law also covers transactions above €1,000 from self-hosted wallets, when they interact with hosted wallets managed by crypto-asset service providers. The rules do not apply for person-to-person transfers conducted without a provider or among providers acting on their own behalf.  The Council of the EU and the European Parliament also adopted new regulations of markets in crypto-assets (MiCA), which covers the offering and trading of crypto-assets and related services.   All issuers (except those making small offerings) and service providers would be subject to EU law and would benefit from an EU passport. The national bespoke regimes on crypto-assets would no longer be applicable.  The new rules also cover issuers of stablecoins, and service providers such as trading venues and the wallets where crypto-assets are held.

UK Treasury Committee says consumer cryptocurrency trading should be regulated as gambling

On May 10, the House of Commons Treasury Committee issued a report titled “Regulating Crypto”.  The predecessor Committee published a Report in 2018 describing the cryptocurrency industry as a “wild west”, while the current Committee feels that nothing has changed that impression.  Here are some highlights from the report:  Unbacked cryptoassets pose significant risks to consumers (price volatility and associated risk of losses); can consume very large amounts of energy (referring to Bitcoins’ Proof of Work consensus algorithm used in mining); cryptoassets are used by criminals in scams, fraud and money laundering.  The report continues by highlighting that the extent of the benefits cryptoasset technologies may bring to financial services in the future remains unclear; unbacked cryptoassets have no intrinsic value, and their price volatility exposes consumers to the potential for substantial gains or losses, while serving no useful social purpose. These characteristics more closely resemble gambling than a financial service, thus the Treasury committee strongly recommends that the Government regulates retail trading and investment activity in unbacked cryptoassets as gambling rather than as a financial service, consistent with its stated principle of ‘same risk, same regulatory outcome’.  It is unsure whether minsters will accept the committee’s recommendation.

ESRB publishes report on cryptos and decentralized finance

On May 25, the European Systemic Risk Board (ESRB) published a report highlighting the systemic implications and policy options for crypto-assets and decentralized finance.  Key points: The impact on the financial system was limited although this past year has been turbulent for cryptos and DeFi. Nevertheless, given the exponential growth and high volatility of cryptos, they need to be closely monitored as they may come to pose systemic risks. Finally, the report proposes a number of policy options (i.e. promote standardized reporting and disclosure requirements for banks and investment funds exposed to crypto and stablecoin issuers; address risks arising from crypto conglomerates (entities/groups conducting combinations of significant crypto-activities) and leverage using crypto-assets.

Regulatory and Legislative Analysis – LAC

Coinbase launches a new crypto derivatives platform and obtains Bermuda license

Coinbase launched Coinbase International Exchange, a crypto derivatives platform, currently offering perpetual futures for BTC and ETH, both settled in USDC, only available to non-US institutional clients in select jurisdictions. It plans to expand to non-US professional investors and advanced retails users in eligible countries later this year.  Coinbase International Exchange obtained a class F license from the Bermuda Monetary Authority on Apr 19, 2023, with registration number 202302164. Allowed business activities: issuing, selling, redeeming virtual coins, tokens or any other form of digital assets;  operating as a digital asset exchange; providing custodial wallet services; operating as a digital asset derivative.  Coinbase chose to become a public company in the US, but is also focused on international markets.  The move has received mixed reactions from the crypto community, with some criticizing US regulators for their perceived overregulation of the crypto-industry.  On May 5, Armstrong assured shareholders that the firm is “100% committed” to the U.S. market over the long term despite regulatory uncertainty in the U.S. and remains really optimistic on the U.S. getting this right.

Bahamas proposes stricter digital asset regulations

Following the collapse of Bahamas-based FTX, the Securities Commission of the Bahamas published the Digital Assets and Registered Exchanges (DARE) Bill 2023 for consultation. The DARE Bill 2023 expands the definition and list of digital asset business activities and includes robust consumer and investor protection, risk management, and market innovation and development provisions. The Bill strengthens financial and reporting requirements for digital asset businesses and requirements related to: Custody and custodial wallet services; operating a digital asset exchange; providing (in a first-of-its-kind) advice on and management of digital assets; provision of staking services; and a comprehensive approach to the regulation of stablecoins (banning algorithmic and privacy coins). Once passed, the Bill aims to become effective in The Bahamas by the end of Q2 2023.

Brazil’s BTG Pactual is the first bank to issue its own 1:1 USD-pegged stablecoin 

Sao Paulo-based BTG Pactual, the largest investment bank in Latin America, reportedly announced the launch of its first stablecoin called BTG Dol, pegged 1:1 to the US dollar.  BTG Dol will run on the Polygon network and is available for purchase in the bank’s crypto app Mynt, which now supports 22 cryptocurrencies.

Regulators in Argentina approve first Bitcoin-based futures index

Argentina’s National Commission of Value (CNV), the country’s securities regulator, approved the Bitcoin futures index, claimed to be the first regulated Bitcoin futures index in Latin America.

Latam Gateway, Binance’s partner in Brazil secures payments license

Binance’s partner in Brazil, Latam Gateway, has reportedly successfully secured a license to operate as a payment institution and electronic money issuer in Brazil. Binance and Latam Gateways have been partners since June 2022. This significant development allows the company to broaden its services and strengthen its position within the Brazilian financial ecosystem.

Regulatory and Legislative Analysis – APAC

High-ranking government officials in South Korea soon to declare their cryptocurrency holdings

A new bill in South Korea will reportedly require lawmakers and high-ranking government officials to declare their cryptocurrency holdings. The bill, is expected to take effect within the next two months.

HKMA: No regulatory requirement prohibits banks to provide VA related services 

The Hong Kong Monetary Authority (HKMA) reminds banks that there is no legal and regulatory requirement prohibiting banks in Hong Kong from providing banking services to virtual assets (VA) related entities. However, banks should adhere to a “risk-based approach” when conducting customer due diligence (CDD) and avoid unnecessary processes as well as refrain from adopting a “one-size-fits-all” approach to reject account opening applications.

Malaysia’s Securities Commission orders Huobi to cease illegal trading services

Malaysia’s Securities Commission (SC) has taken enforcement action and issued a public reprimand against Huobi Global Limited, illegally operating a Digital Asset Exchange (DAX) in Malaysia without a license.  The SC ordered Huobi Global Limited to stop its operations in the country and disable its website and mobile application on all digital platforms (i.e. Apple Store, Google Play etc.). The SC urges Malaysian investors using Huobi ‘s services to immediately cease trading through its platform, withdraw all their investments, and close their accounts. Instead, investors are strongly advised to invest and deal with entities that are registered with the SC, which are thusly properly scrutinized and regulated.

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