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Malaysia Halts Bybit Operations Over Regulatory Breach
In a shocking move, the Securities Commission (SC) in Malaysia has ordered the cryptocurrency exchange Bybit and its CEO, Ben Zhou, to suspend all operations immediately. The decision comes after Bybit failed to obtain proper registration with the regulatory body.
According to reports, Bybit was previously listed on Malaysia’s Investor Alert List since 2021 due to non-compliance with local regulations. Despite this, the company continued to operate in the country, putting investors at risk.
The SC has given Bybit a deadline of December 25 to shut down its platforms, halt all advertising activities, and dissolve its Malaysian Telegram support group. The regulator emphasized that unregistered cryptocurrency exchanges pose significant risks to investors and can lead to financial losses.
Bybit has reportedly complied with the directives, and the company is now working towards obtaining the necessary licenses to resume operations in the country. This move comes after Bybit exited France in August due to stricter regulations under the EU’s Markets in Crypto-Assets (MiCA) framework.
The SC’s decision sends a strong warning to other cryptocurrency exchanges operating in Malaysia that ignoring regulatory requirements can have severe consequences. The regulator has made it clear that investor protection is its top priority, and any company found non-compliant will face strict penalties.
Bybit’s compliance with the SC’s directive is crucial to ensuring the safety of investors’ funds and upholding the integrity of the cryptocurrency market in Malaysia.
Source: coinpedia.org
