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Malaysia's Securities Commission has shut down cryptocurrency exchange Bybit for operating without required registration. Bybit has complied with the directive, marking another significant step in Malaysia's ongoing efforts to enforce crypto regulations and protect investors.
Bybit Ordered to Cease Operations in Malaysia
After Bybit was accused of operating an unregistered digital asset exchange (DAX), the Securities Commission (SC) of Malaysia ordered the company to shut down its operations in the nation.
In a public announcement made on December 11, the Malaysian securities regulator ordered Bybit to take down all digital platforms (website, mobile apps, etc.) within 14 working days. In addition, the exchange was told by the regulator to stop advertising to investors in Malaysia and to delete the Malaysian support group from Telegram.
Compliance Directives for Bybit CEO Ben Zhou
Bybit CEO Ben Zhou was ordered by the Supreme Court to make sure the company followed all the rules. The commission verified that Bybit had done so as of December 27.
The announcement came after Bybit said it would stop doing business in France. As of January 8, 2025, the exchange will no longer provide withdrawal and custody services to users in France, as announced on December 17, citing heightened regulatory scrutiny from the French financial authorities.
Cointelegraph reached out to Bybit for comment but has yet to hear back as of publishing time.
Malaysia Warns Against Unregistered Digital Asset Exchanges
Concerns regarding the platform's compliance prompted the SC to take enforcement action, according to the court. As per the Supreme Court's ruling:
“The SC views this breach seriously, as operating a DAX without obtaining the SC’s registration as a Recognised Market Operator (RMO) is an offense under Section 7(1) of the Capital Markets and Services Act 2007.”
Only use registered DAX platforms, the SC warned Malaysians. In order to get a license, businesses must pass a thorough examination and follow regulations put in place by Malaysia's securities laws to safeguard investors.
Government Efforts to Combat Cryptocurrency Crimes in 2024
A number of measures were taken by the Malaysian government throughout 2024 to tackle crimes involving cryptocurrency.
Companies that failed to disclose their cryptocurrency trading activity to the Malaysian government were the targets of an operation known as "Ops Token" on June 17th. Through crypto trade data saved on mobile devices and computers, the authorities were able to obtain evidence of tax evasion.
The Supreme Court (SC) placed Atomic Wallet, a Web3 wallet service, to the list of Malaysian financial companies banned from doing business on December 23. The company was also marked for running a DAX without registration, similar to Bybit.
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