The Malaysian Securities Commission cracked down on Bybit for an unregistered exchange
The Securities Commission of Malaysia (SC) has ordered Baybit Technology Limited, formerly Baybit Fintech Limited, to cease operations in the country for violating securities laws. Bybit and its CEO, Ben Zhou, were disciplined for running an unregistered exchange. The SC directed Bibit to disable the website, stop promotional activities and terminate Telegram's support team for Malaysian users. Bybit has met the guidelines so far. The SC emphasized the risks associated with unregistered entities, urging investors to use recognized platforms. This follows a wider range of regulatory actions, including a crackdown on Huobi Global and illegal Bitcoin mining in Malaysia.
