Malaysia Bans Bybit and CEO Ben Zhou, Halts Local Operations and Advertising for Unregistered Crypto Exchange

Dec 30, 2024, 01:38 AM

The Securities Commission of Malaysia has taken decisive action against Bybit and its CEO, Ben Zhou, for operating an unregistered digital asset exchange within the country. As part of this enforcement, Bybit has been banned from operating in Malaysia, and the regulator has ordered an immediate cessation of advertising and the shutdown of Telegram support groups aimed at Malaysian investors. This move reflects a broader trend of tightening regulations on cryptocurrency exchanges globally, as authorities seek to ensure compliance and protect investors.