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Malaysia Targets Bybit Over Regulatory Noncompliance in Crypto
Malaysia’s Securities Commission has issued a stern warning to Bybit Technology Limited and its CEO, Ben Zhou, for operating an unregistered digital asset exchange within the country. This move highlights Malaysia’s commitment to enforcing strict compliance with its capital markets regulations.
The Securities Commission of Malaysia (SC) has placed Bybit on its Investor Alert List since July 2021, citing non-compliance with regulatory requirements. However, despite this warning, Bybit failed to register as a Recognised Market Operator (RMO), prompting the SC to take further action.
As a result, Bybit is now required to cease all unregistered digital asset operations and advertising within Malaysia. The exchange has been given 14 days to comply with these demands, which include deactivating its website, mobile apps, and other digital platforms available in Malaysia. Additionally, Bybit must stop promoting its services to Malaysian investors through social media and other channels.
Bybit’s failure to register as an RMO is a major violation of Malaysia’s Capital Markets and Services Act 2007. The SC emphasizes the importance of strict compliance with regulatory requirements to protect market integrity and investor safety. Bybit has been put on notice that operating without proper registration compromises the system designed to safeguard investors from fraud, money laundering, and other risks associated with unregistered platforms.
The SC also urges the public to exercise extreme caution when dealing with unlicensed or unregistered digital asset exchanges, warning of potential dangers such as fraudulent investment schemes. Investors are advised to conduct thorough research before engaging with any digital asset provider and seek professional advice when making financial decisions.
In related news, Thailand’s former prime minister has proposed the use of Bitcoin for enhancing the tourism and business sectors in Phuket.
Source: www.crypto-news-flash.com
