Malaysia Orders Bybit and CEO Ben Zhou to Cease Operations Due to Unregistered Status

Dec 30, 2024, 10:20 AM

The Securities Commission of Malaysia has ordered Bybit, a major cryptocurrency exchange, and its CEO Ben Zhou to cease all operations within the country due to Bybit's failure to register as a Recognized Market Operator (RMO). The directive includes halting the platform's website and mobile applications, stopping all advertising targeted at Malaysian investors, and shutting down its Telegram support groups. This action follows Bybit's inclusion on the SC's Investor Alert List in July 2021, which warns investors against unregistered entities. The SC's move is part of a broader regulatory crackdown on unlicensed digital asset exchanges operating in Malaysia, where only six exchanges are currently licensed. Bybit had already blocked login access for Malaysian users on December 24 in an attempt to comply with local regulations, with plans to re-enter the market once it secures the necessary licenses.