The Securities Commission of Malaysia (SC) has accused the cryptocurrency exchange Bybit of operating without a license and ordered it to cease all activities by December 25.
In compliance, Bybit has disabled its website, mobile apps, halted advertising in Malaysia, and closed its Telegram support group for Malaysian users.
The regulator enforced these measures to protect investors, as dealings with unlicensed entities pose risks of money laundering and fraud.
Previously, Bybit announced its withdrawal from the French market, halting all services from January 8, 2025, due to changes in local regulations.
In May 2023, the SC took similar action against Huobi for operating without registration.
In the summer of 2024, Malaysia conducted tax evasion raids targeting cryptocurrency traders.
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