The Malaysian Securities Commission has ordered Bybit to cease operations in the country. This comes after the regulator added Bybit to its “Investor Alert” list in 2021 for operating without proper registration.
Bybit’s CEO, Ben Zhou, has been held accountable for ensuring compliance. The order, which was communicated to Bybit on December 11, 2024, requires the exchange to shut down its website and mobile applications within 14 business days and cease all advertising and support activities for Malaysian users.
The decision to end operations in Malaysia is due to concerns about the platform’s compliance with local regulations and protecting investors’ interests. Bybit has also been added to the warning list of the financial services watchdog in Cyprus, but no further action has been taken at this time.
