The Securities Commission Malaysia (SC) has announced that it is taking enforcement action against Bybit Technology Ltd. and its CEO, Ben Zhou, for violating laws related to operating a digital asset exchange (DAX) without authorization in the country.
As a result of this, the SC has directed Bybit to shut down its website, mobile applications, and any other digital platforms within 14 business days. The company must also stop targeting Malaysian users through advertisements and disband its local Telegram support group.
Zhou has been instructed to ensure that these measures are followed. The SC emphasized the seriousness of Bybit’s violation, stating that operating a DAX without proper registration is an offense under the Capital Markets and Services Act 2007.
This action was taken due to concerns regarding the platform’s compliance with local regulations and protecting investors’ interests.
