As a seasoned crypto investor with a knack for navigating the complex landscape of digital assets, I must admit that the recent regulatory actions against Bybit in Malaysia have raised some eyebrows. Having been through similar situations before, I’ve learned to keep a watchful eye on such developments.
The Securities Commission of Malaysia’s move to cease Bybit’s operations and halt all advertisements targeting Malaysian audiences is a clear indication that regulatory bodies are stepping up their game in ensuring the safety and protection of investors. While it may cause temporary inconvenience, I believe these measures are essential for maintaining the integrity of our burgeoning crypto market.
However, it’s disheartening to see yet another platform facing regulatory challenges, especially when Bybit had already been on the Investor Alert List since July 2021. It seems the cat and mouse game between exchanges and regulators continues, with each side taking turns to make a move.
On a lighter note, I can’t help but chuckle at the thought of how these regulatory actions might just be Bybit’s secret plot to force us into taking a much-needed break from our relentless crypto trading. After all, they did promise to reconnect once they secure the necessary licenses. So, let’s use this time off to catch up on some sleep, maybe even read a book – you know, something other than whitepapers!
The Malaysian Securities Commission has directed both Bybit and its top executive to discontinue the functioning of all digital platforms within Malaysia, as well as stop any promotional activities aimed at Malaysian audiences.
The Security Commission (SC) announced on December 27 that it has initiated legal actions against Bybit, a cryptocurrency exchange, and its top executive, Ben Zhou. This action is due to the company operating an unregistered cryptocurrency selling platform in Malaysia. The order for Bybit to halt all digital operations within Malaysia was issued on December 11, and compliance was expected within 14 business days. This encompasses Bybit’s website, mobile apps, advertising directed at Malaysian investors, and its local Telegram support group. They are required to shut down these activities.
The Securities Commission (SC) expressed concerns about Bybit’s adherence to regulatory requirements, particularly investor protection. They stated that operating a digital asset exchange without first registering as a Recognised Market Operator with the SC is illegal under section 7(1) of the Capital Markets and Services Act 2007. Both Bybit and Zhou have previously appeared on the SC’s Investor Alert List due to similar regulatory infractions since last July.
As an analyst, I’m sharing some insights regarding Bybit, a platform that has recently complied with the enforcement directions as stated by the Securities Commission (SC). However, it’s crucial to note that trading on unregistered platforms like Bybit leaves Malaysian investors without protection under our country’s securities laws. This increased vulnerability exposes them to potential financial crimes.
Currently, only six crypto exchanges are legally registered and allowed to operate in Malaysia: HATA Digital Sdn Bhd, Luno Malaysia Sdn Bhd, MX Global Sdn Bhd, SINEGY DAX Sdn Bhd, Tokenize Technology Sdn Bhd, and Torum International Sdn Bhd. It’s essential for investors to ensure they are dealing with one of these registered platforms to safeguard their investments and comply with the law.
Bybit announced through their Telegram channel for Malaysia that an enforcement action has been taken, acknowledging potential inconveniences this may cause. However, they remain optimistic about the possibility of re-establishing connections with Malaysian investors once they secure the required licenses in the future.
We realize this situation might create a bit of trouble for you. As soon as we obtain the necessary permits, we’re eager to resume our connection with you down the line.
Recently, Bybit’s activities in a second European nation have faced an impact. In August, Bybit departed from the French market due to the country’s implementation of tougher licensing conditions as part of the European Union’s Markets in Crypto-Assets regulations. This move created a potential risk of non-compliance for Bybit across various regions, emphasizing the increased regulatory focus on cryptocurrency exchanges over the past few months.
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2024-12-30 12:46