Malaysia’s Securities Commission (SC) has directed crypto exchange Bybit and its CEO Ben Zhou to cease all operations within the country.
In a recent press statement, the financial regulator explained that the order stems from Bybit’s failure to secure the authorization to operate as a digital asset exchange (DAX) under local regulations.
Regulatory crackdown
The SC expressed concern over Bybit’s non-compliance with local laws, emphasizing the importance of safeguarding investors.
Under Malaysia’s Capital Markets and Services Act 2007, operating a DAX without obtaining approval as a Recognized Market Operator (RMO) is illegal. The SC highlighted the seriousness of this breach and its potential risks to the public.
Following this action, the Malaysian authorities have directed Bybit to turn off its website and mobile applications by Dec. 25. The regulator has also demanded the cessation of promotional efforts aimed at Malaysian investors and the immediate termination of the plat
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