Malaysia Prohibits Bybit’s Operations

The Securities Commission of Malaysia (SC) has accused the bitcoin exchange Bybit of operating without a license and ordered it to cease all operations by December 25.

In compliance with the requirements, the trading platform has disabled its website, mobile applications, halted advertising in the country, and closed its Telegram support group for Malaysians.

The regulator enforced these measures to protect investors, as investments in unlicensed entities expose them to risks of money laundering and fraud.

Previously, Bybit warned users in France about the cessation of all services from January 8, 2025. The company explained the decision was due to changes in local legislation.

Back in May 2023, the SC announced enforcement actions against the exchange Huobi for operating without registration.

In the summer of 2024, raids were conducted in Malaysia on cryptocurrency tax evaders.