Malaysia's Securities Commission has taken enforcement action against Bybit for operating without proper registration. This has led to the suspension of Bybit's services and a directive for users to withdraw their assets. Bybit has complied with the enforcement actions and plans to reconnect with Malaysian users in the future.
For Malaysian crypto traders, this serves as a reminder of the risks associated with unregistered platforms. Looking up alternatives I found Bitget, Luno, Tokenize Xchange, and SINEGY as compliant exchanges that operates legally in Malaysia. Although I have been using Bitget for a year now I think there are healthy activities for Malaysian traders.
Is compliance in your country amongst your tick box when selecting a CEX?