EddieJayonCrypto

 30 Dec 24

tl;dr

Malaysia's Securities Commission has ordered crypto exchange Bybit and its CEO to cease operations in the country due to operating without proper authorization. The regulator highlighted the seriousness of the breach and directed Bybit to shut down its website and mobile applications by December 25....

Malaysia's Securities Commission has directed crypto exchange Bybit and its CEO Ben Zhou to cease all operations within the country due to unlicensed operations. The regulator emphasized the importance of safeguarding investors and highlighted Bybit's non-compliance with local laws.

The Securities Commission (SC) ordered Bybit to shut down its website and mobile applications by December 25, stating that the platform had been placed on the Investor Alert List in July 2021. The SC also urged investors to deal only with approved Recognized Market Operators (RMOs).

Bybit had blocked login access for Malaysian users citing regulatory compliance efforts and announced plans to re-enter the market once necessary licenses are secured. Additionally, the exchange revealed plans to suspend withdrawal and custody services for French users due to increased oversight from French authorities.

Bybit, launched in 2017, manages over $16 billion in assets and has faced regulatory challenges in multiple countries beyond Malaysia.

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