- Malaysian Securities Commission orders Bybit to stop operations due to unregistered status.
- Exchange given 14 business days from December 11 to disable digital platforms.
- Directive includes removal of website, mobile apps, and Malaysian Telegram support.
- CEO Ben Zhou personally tasked with implementing compliance measures.
- Bybit confirmed compliance with regulatory demands by December 27.
Malaysian Regulatory Crackdown
The Malaysian Securities Commission (SC) has forced cryptocurrency exchange Bybit to halt its operations within the country, citing the platform’s failure to register as a digital asset exchange (DAX). The regulatory action marks an intensified focus on unauthorized crypto trading platforms in the Southeast Asian nation.
According to the SC’s Malaysia“>official statement, the enforcement action required Bybit to cease all Malaysia-focused operations by disabling access to its trading platforms, including its website and mobile applications. The directive, issued on December 11, gave the exchange a 14-day compliance window.
Compliance Measures and Implementation
The regulatory mandate specifically targeted several operational aspects:
- Complete shutdown of digital trading platforms accessible to Malaysian users
- Cessation of all advertising campaigns targeting Malaysian investors
- Termination of Malaysian-focused Telegram support channels
The SC placed direct responsibility on Ben Zhou, Bybit’s Chief Executive Officer, to implement these compliance requirements. A DAX, as defined by Malaysian regulations, refers to a digital platform that facilitates the trading of cryptocurrencies and other digital assets.
The commission confirmed that as of December 27, Bybit had fulfilled all regulatory requirements, effectively ending its unauthorized operations in Malaysia. This development highlights Malaysia’s strengthening regulatory oversight of cryptocurrency operations within its jurisdiction.
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