Bybit Ordered to Take Down All Digital Platforms in Malaysia Within 14 Working Days

This came after Bybit said it would be pulling out of the French market. The exchange announced on December 17 that it would cease providing withdrawal and custody services to French consumers as of January 8, 2025.

The Malaysian securities regulator has ordered cryptocurrency exchange Bybit to take down all of its digital platforms in the country.

What Happened: In a public announcement made on December 11, the regulator ordered Bybit to take down its website and mobile apps within 14 working days. The exchange was also directed by the regulator to end its Malaysian Telegram support group and cease advertising to Malaysian investors.

This came after Bybit said it would be pulling out of the French market. The exchange announced on December 17 that it would cease providing withdrawal and custody services to French consumers as of January 8, 2025. The reason given was the heightened regulatory scrutiny from the French financial authorities.

“Following a period of analysis, the French authorities have decided to increase scrutiny of crypto service providers and to impose obligations on entities that carry out crypto service provider activities on their own initiative in France,” the exchange said in a statement.

Why It Matters: Users put themselves at risk of money laundering and fraud by investing in unauthorized organizations, according to the regulator.

Over the course of 2024, the government of Malaysia took a number of steps to crack down on crimes using cryptocurrency.

Companies who failed to disclose their cryptocurrency trading activity to the Malaysian government were the targets of an operation known as “Ops Token” on June 17th. Through crypto trading data saved on mobile devices and computers, the authorities were able to obtain proof of tax evasion.

See More: Best Cryptocurrency Scanners 2024

"We advise the public to be cautious and carry out their own research before investing in any products, services, or programs related to cryptocurrency," the regulator said in a statement.

The regulator also warned the public about the dangers of investing in cryptocurrency products and services that are not authorized by the regulator.

"Members of the public who invest in products or services offered by entities that are not licensed or authorized by the regulator may be at risk of fraud or money laundering," the regulator said.