Malaysia’s Securities Commission (SC) has ordered cryptocurrency exchange Bybit to shut down for operating an unregistered digital asset exchange (DAX).
Bybit was directed to:
- Disable its website, app, and digital platforms by Dec. 25.
- Stop promoting services to Malaysians.
- Shut down its local Telegram support group.
Bybit’s CEO, Ben Zhou, was tasked with ensuring compliance, and the SC confirmed the company adhered to these orders by Dec. 27.
The SC warned investors to use only registered platforms to avoid risks like fraud and money laundering, as unlicensed platforms operate outside legal protections.
This follows Bybit’s exit from France due to increased regulatory scrutiny and Malaysia’s broader crackdown on crypto crimes, including raids on tax-evading firms and bans on unregistered operators like Atomic Wallet.
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