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Malaysia Halts Bybit Operations Over Regulatory Breach
The Securities Commission of Malaysia has taken a drastic measure by ordering the cryptocurrency derivatives exchange, Bybit, to suspend its operations in the country. The decision comes after it was found that the platform had been operating without proper registration, thereby putting investors at risk.
In a statement, the Securities Commission emphasized the importance of regulatory compliance and warned users that unregistered platforms pose higher risks due to lack of oversight. As a result, Bybit has been given an ultimatum to cease all operations in Malaysia by December 25.
The platform has since complied with the directives, announcing that it will shut down its platforms, halt all advertising efforts, and disband its Malaysian Telegram support group within the specified timeframe. Bybit’s CEO, Ben Zhou, was also included in the suspension order.
Bybit has stated that it aims to return to the Malaysian market once it has obtained the necessary licenses and registrations. This comes as no surprise given the growing importance of regulatory compliance in the cryptocurrency space.
The development follows a similar move by the platform earlier this year when it exited France due to stricter regulations under the EU’s Markets in Crypto-Assets (MiCA) framework.
Source: coinpedia.org
