The Securities Commission (SC) of Malaysia has ordered 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 asked Bybit to deactivate its website, stop its promotional activities and terminate its Telegram support group for Malaysian users. Bybit has complied with the guidelines so far. The SC highlighted the risks associated with unregistered entities, urging investors to use recognized platforms. This follows broader regulatory crackdowns, including measures against Huobi Global and measures against illegal Bitcoin mining in Malaysia.
