Malaysia’s Securities Commission Cracks Down on Bybit for Unregistered Exchange
The Securities Commission of Malaysia (SC) has directed Bybit Technology Ltd (formerly Bybit Fintech Ltd) to cease operations in the country for violating securities laws. Bybit and its CEO Ben Zhou were criticized for operating an unregistered exchange. The SC directed Bybit to shut down its website, stop promotional activities, and terminate the Telegram support group for Malaysian users. So far, Bybit has complied with the directive. The SC highlighted the risks associated with unregistered entities, urging investors to use recognized platforms. This follows a wider crackdown by regulators, including actions against Huobi Global and measures targeting illegal Bitcoin mining in Malaysia.
