The Malaysian police took action against a crypto firm, which was providing international crypto trade/gambling services.
Malaysia is a very good region for the crypto sector. In this country, all the crypto companies are required to have a crypto regime to provide services to Malaysian citizens. Under the current crypto tax laws, no one citizen is required to pay any kind of tax against crypto trade profit/loss, which means Malaysia is a crypto tax-free country.
On 23 May 2023, Oriental Daily reported that the local police authorities of Malaysia busted a crypto firm, which was providing all Crypto related services illegally.
The report noted that an illegal crypto firm was providing crypto services without any registration and the services of this firm were fully focused on crypto gambling services. Investigations revealed that the exchange was receiving Crypto assets from the Mainland of China & converting the funds into USDT stablecoin, while cryptocurrencies are fully banned in China.
So this illegal crypto firm was not only operating illegal crypto services in the native country but also providing services against China’s crypto ban policy.
The Malaysian detectives confirmed that they were investigating the exchange’s operations over the last few courses of time & found that its services were available internationally but that was fully illegal. So far 40 people has been arrested in this case.
Malaysia bans Huobi Global
Last week, the Malaysian regulatory bodies issued orders against the Huobi Global crypto exchange. Huobi was ordered to shut down all of its operations from the country, as it was providing services without any registration.
So far, Huobi Global failed to talk about the Malaysian cease & desist order.
Read also: ex-CFTC official says Ethereum can be Security & Commodity simultaneously
