Malaysia’s Securities Regulator Takes Enforcement Action Against Bybit Cryptocurrency Exchange
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Malaysia’s securities regulator has taken a tough stance against cryptocurrency exchange Bybit, ordering it to cease operations in the country and suspend its website, mobile applications, and other digital platforms.
In an official statement released on Friday, the Securities Commission (SC) of Malaysia accused Bybit of operating a digital asset exchange without proper registration. The agency stated that Bybit and its CEO Ben Zhou have been listed on its Investor Alert List since July 2021, and were given a 14-day deadline from December 11 to cease operations.
The regulator emphasized the importance of registered exchanges in protecting investors’ interests and ensuring the integrity of the financial system. It warned that dealing with unregistered crypto exchanges exposes investors to higher risks of financial crimes and fraud.
Bybit has reportedly promised to resume its services once it obtains a license from the SC, which would allow it to operate legally within the country.
Source: cryptotale.org
