Bybit announced that it will disable all logins for users in Malaysia starting December 24, 2024, in compliance with recent regulatory changes. The announcement was made via email on December 17.
According to Bybit, the decision to disable logins for Malaysian users is due to regulatory requirements from the Securities Commission Malaysia (SC), which mandates that cryptocurrency exchanges register as Recognized Market Operators (RMOs) to operate legally in the country. Bybit is not currently listed as an approved exchange by the SC.
In Malaysia, digital assets such as cryptocurrencies are classified as securities under the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019, according to the SC. This classification requires cryptocurrency exchanges to register as RMOs with the SC to operate legally. The regulation aims to ensure consumer protection, promote market integrity, and mitigate financial crime risks associated with digital assets.
Bybit has also announced on its website that it will cease withdrawal and custody services for French nationals and residents due to regulatory changes in the French Territories. Users must withdraw their assets by January 8, 2025. Accounts with balances of 10 USDC or less will be charged a 10 USDC fee before being closed, while larger balances will be converted to USDC and transferred to Coinhouse, a regulated French crypto-asset platform. To access transferred funds, users will need to complete identity verification with Coinhouse. This announcement follows previous restrictions implemented by Bybit in the region.
Datanyze reports that Bybit, established in March 2018, is a cryptocurrency exchange based in Singapore. The platform provides spot and derivatives trading, mining and staking services, an NFT marketplace, and API support for both retail and institutional users. Bybit has a workforce of 980 employees and generates an annual revenue of $505.3 million. The exchange collaborates with notable organizations including Oracle Red Bull Racing, NAVI, Astralis, Borussia Dortmund, and Avispa Fukuoka.
According to BeInCrypto, Bybit is a cryptocurrency exchange established in 2018 with its main offices located in Dubai. The platform provides services to over 15 million users worldwide offering spot trading, derivatives trading, copy trading, and a cryptocurrency spending card.