PANews reported on December 30 that according to Crowdfund Insider, the Securities Commission of Malaysia (SC) accused Bybit Technology Limited and its CEO Ben Zhou of operating a digital asset exchange (DAX) without registration and ordered them to cease operations in Malaysia. Since July 2021, Bybit and its CEO have been included in the SC investor warning list.
The SC requires Bybit to shut down its website, application and any platform accessible in Malaysia within 14 working days from December 11, 2024, and immediately cease advertising activities targeting Malaysian investors, and disband its Telegram support group targeting Malaysian users.
The SC stressed that operating DAX without obtaining a registration from a Recognized Market Operator (RMO) violates Section 7(1) of the Capital Markets and Services Act 2007. Bybit has complied with all directives. The SC reminded the public to only work with registered RMOs to avoid fraud and other potential risks.
