Malaysia’s Securities Commission Cracks Down on Bybit for Unregistered Exchange

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Malaysia’s Securities Commission (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 reprimanded for running an unregistered exchange. The SC instructed Bybit to disable its website, halt promotional activities, and terminate its Telegram support group for Malaysian users. Bybit has complied with directives so far. The SC emphasized risks associated with unregistered entities, urging investors to use recognized platforms. This follows broader regulatory crackdowns, including action against Huobi Global and measures against illegal Bitcoin mining in Malaysia.