Malaysia’s Regulator Orders Bybit to Exit Local Market

Reading Time: < 1 minute

The Securities Commission (SC) of Malaysia has taken action against cryptocurrency exchange Bybit, ordering it to cease all operations in the country due to its unregistered digital asset exchange (DAX).

The SC has directed Bybit to shut down its website, mobile applications, and any other digital platforms within 14 business days starting on December 11.

It has also ordered the exchange to stop targeting Malaysian investors with its advertisements and to shut down its Telegram support group for Malaysians. Bybit CEO Ben Zhou has been directed to ensure that the company complies with all of the demands.

As of December 27, the SC has confirmed that Bybit has taken the necessary actions. This announcement comes after Bybit’s statement that it will halt its services in France, citing heightened regulatory scrutiny from French financial authorities.

Starting January 8, 2025, the exchange will no longer offer withdrawal and custody services for French users.