Malaysia’s Securities Commission (SC) has taken strict action against cryptocurrency exchange Bybit Technology Limited (formerly known as Bybit Fintech Limited) and its CEO Ben Zhou (Yuchen Zhou) for operating without proper registration.
The SC announced that Bybit operated a Digital Asset Exchange (DAX) in Malaysia without obtaining approval as a Recognized Market Operator (RMO), in violation of Section 7(1) of the Malaysian Capital Markets and Services Act 2007 . The company and its CEO have been on the SC’s Investor Alert List since July 2021.
What the SC ordered
The SC issued a series of instructions to Bybit and its CEO to protect Malaysian investors:
- Disable access: Bybit must close its website, mobile apps and all other digital platforms available in Malaysia by December 26, 2024 (14 working days from December 11).
- Stop advertising: Any advertisements or promotions targeted at…
