The Securities Commission of Malaysia orders Bybit and its CEO Ben Zhou to cease operations and shut down platforms within 14 working days due to regulatory violations and risks to investors 🚫

The Securities Commission of Malaysia (SC) has ordered Bybit and its CEO Ben Zhou to suspend operations and shut down platforms within 14 working days. The exchange is required to stop advertising and close the support Telegram group. This decision is related to violations of local regulations and risks for investors, as Bybit is not registered as a digital asset exchange. The company and its CEO have been on SC's warning list since 2021. Currently, only six crypto exchanges in Malaysia are officially registered.