In a move to crack down on unregistered platforms, the Securities Commission Malaysia (SC) has ordered Bybit to cease its crypto exchange operations in the country. The enforcement action was taken against Bybit Technology Ltd. and its CEO, Ben Zhou, on December 27. This development is part of the SC’s efforts to regulate the cryptocurrency market in Malaysia.
Background on the Enforcement Action
The SC announced that it had taken enforcement measures against Bybit due to the company’s failure to register its crypto exchange operations in Malaysia. The commission has been actively monitoring the cryptocurrency market in the country and has been taking steps to ensure that all platforms operating in Malaysia are registered and compliant with regulatory requirements.
Implications for Bybit and the Crypto Market
The enforcement action against Bybit is likely to have significant implications for the company and the broader crypto market in Malaysia. Bybit will be required to cease its operations in the country until it registers with the SC and complies with regulatory requirements. This move is expected to impact the company’s business in Malaysia and may also have implications for other unregistered crypto platforms operating in the country.
Regulatory Crackdown on Unregistered Platforms
The SC’s enforcement action against Bybit is part of a broader crackdown on unregistered crypto platforms in Malaysia. The commission has been actively working to regulate the cryptocurrency market in the country and has taken steps to ensure that all platforms operating in Malaysia are registered and compliant with regulatory requirements. This move is expected to promote a safer and more transparent crypto market in Malaysia.
Source: News.bitcoin.com
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