Malaysia's Securities Commission (SC) has taken action against Bybit, instructing the platform and its CEO, Ben Zhou, to suspend operations due to conducting business without proper registration. The immediate suspension requires Bybit to shut down its platforms, cease advertisements, and close its Malaysian Telegram support group by December 25.
The SC emphasized concerns around investor protection, stating that unregistered platforms present significant risks to users. This announcement sends a clear message about adhering to regulatory guidelines for crypto operations in Malaysia.
Bybit has acknowledged the order and complied with the SC's ruling, demonstrating the importance of regulatory compliance in maintaining operational legitimacy.
