The Securities Commission of Malaysia (SC) has accused the Bitcoin exchange Bybit of not having a license and ordered it to stop all operations until December 25.

As part of the requirements, the trading platform disabled its website, mobile applications, stopped distributing advertising in the country, and closed the Telegram group to support Malaysians.

The regulator took coercive measures to protect investors, since investing in unlicensed organizations exposes them to the risk of money laundering and fraud.

Earlier, Bybit warned users from France about the termination of all services from January 8, 2025. The company explained the decision by changes in local legislation.

Recall that in May 2023, the SC announced coercive measures against the Huobi exchange for operating without registration.

In the summer of 2024, raids were carried out in Malaysia on tax evaders from crypto trading.