Malaysian Regulator Orders Cryptocurrency Exchange Bybit to Halt Operations Due to Regulatory Non-Compliance

Malaysia Halts Bybit Operations Over Regulatory Breach

The Securities Commission (SC) of Malaysia has ordered Bybit, a cryptocurrency exchange, and its CEO Ben Zhou to suspend their operations in the country. This decision comes after Bybit failed to register properly with the regulatory body.

As per the directive, Bybit is required to shut down its platforms, halt all advertising efforts, and dissolve its Malaysian Telegram support group by December 25th. The SC emphasized investor protection concerns, warning that unregistered platforms pose a higher risk to investors.

Bybit has since complied with the directives and is working towards obtaining the necessary licenses to resume operations in Malaysia. It is unclear at this time whether Bybit will be able to restart its operations or if it will have to abandon the market altogether.

This move comes on the heels of Bybit’s exit from France earlier this year, where it ceased operations under the EU’s Markets in Crypto-Assets (MiCA) framework.

Source: coinpedia.org