Bybit, a digital asset exchange, has been told by Malaysia’s Securities Commission (SC) to stop its operations in the country because it is accused of operating without proper registration.
On December 11, the SC ordered Bybit to shut down all its digital platforms, including its website and mobile apps, within 14 working days. The exchange was told to shut down its Malaysian Telegram support group and stop all ads aimed at Malaysian investors.
The SC’s enforcement action shows increasing worries about following rules in the cryptocurrency sector. Ben Zhou, the CEO of Bybit, was given the job of making sure the company followed the rules, and by December 27, the SC confirmed that the exchange had met the requirements.
Bybit has decided to leave the French market. Starting January 8, 2025, it will no longer provide withdrawal and custody services to customers because of stricter regulations from French authorities.
The SC highlighted the need to only use registered digital asset exchanges to keep investors safe from risks like money laundering and fraud. The Malaysian government is tackling cryptocurrency crimes.
They launched “Ops Token” on June 17 to target companies that didn’t report their cryptocurrency trading activities. This project used data from phones and computers to find tax evasion related to crypto trading.
