Malaysia’s Securities Commission (SC) has directed cryptocurrency exchange Bybit to cease operations in the country, citing the unregistered status of its digital asset exchange (DAX). The SC required Bybit to disable its platforms within 14 business days starting on December 11 and to stop advertising to Malaysian investors. By December 27, the SC confirmed compliance from Bybit. This directive follows Bybit’s announcement to end services in France, effective January 8, 2025, due to regulatory actions there. The SC emphasized the seriousness of Bybit’s breach, as operating a DAX without appropriate registration violates Malaysian law. It also urged Malaysian investors to engage only with licensed operators to mitigate risks of fraud and money laundering. This enforcement action aligns with Malaysia's efforts to combat crypto-related crime, highlighted by recent operations targeting unreported trading activities. The SC earlier prohibited Atomic Wallet from operating in Malaysia for similar reasons, reflecting a tightening regulatory landscape for cryptocurrencies in the country.

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