Malaysia: Adopted order in SCM investigation into Bybit Technology Limited for allegedly operating a digital asset exchange without registration

On 11 December 2024, the Securities Commission of Malaysia (SCM) issued an order against Bybit Technology Limited for operating a digital asset exchange in Malaysia without proper registration. It was highlighted that Bybit did not obtain the required registration as a Recognised Market Operator under the Capital Markets and Services Act 2007. The order requires Bybit to disable its website and mobile applications within 14 business days, cease all promotional activities applying to Malaysian investors, and terminate its Telegram support group for Malaysians.