The Bybit platform was ordered to cease operations in Malaysia by the local financial regulator due to a lack of registration. This is part of broader regulatory compliance efforts.
Regulatory Demands for Bybit
On December 11, the Malaysian securities regulator required Bybit to suspend all its digital platforms within 14 working days, including removing its website and mobile apps. All advertising targeting Malaysian investors was also halted.
Implications for Bybit and Other Markets
Bybit CEO Ben Zhou was instructed to ensure full compliance. The regulator confirmed Bybit's fulfillment of these conditions. Earlier, the exchange announced its exit from the French market due to tightened regulations.
Reasons and Safety Measures
The SC took action against Bybit over compliance concerns. Authorities encourage Malaysians to deal only with registered DAX platforms. Lack of licensing increases the risks of money laundering and fraud.
Part of the initiative to strengthen cryptocurrency crime control, Malaysian authorities undertook several steps, including 'Ops Token,' to combat tax evasion.
