The Securities Commission (SC) of Malaysia has taken enforcement action against cryptocurrency exchange Bybit and its CEO, Ben Zhou, for operating a trading platform without proper registration.

The SC has ordered Bybit to cease its operations in Malaysia by December 11, with 14 business days for compliance.

This includes suspending its website, apps, digital platforms, and advertising activities, as well as shutting down its Malaysian Telegram support group.

Bybit and its CEO were placed on the SC’s Investor Alert List in July 2021 for similar violations.

Bybit plans to resume operations once it secures the necessary licenses.