Crypto Exchange Bybit Halted in Malaysia, Bitget Experiences User Growth, and More

December 30, 2024 – The cryptocurrency space saw significant developments today, with a regulatory crackdown in Malaysia affecting Bybit, a notable user growth announcement from Bitget, and partnerships between established players and traditional financial institutions.

Bybit Shut Down in Malaysia

Malaysia’s Securities Commission (SC) has ordered Bybit to halt its local operations. The SC cited Bybit’s failure to obtain the necessary registration as a digital asset exchange (DAX) in Malaysia as the reason for the order. This marks a notable regulatory action against a major crypto exchange. Bybit and its CEO, Ben Zhou, are now subject to enforcement proceedings. This comes as a blow to the exchange, as it was once among the largest trading platforms in the country.

Bitget Wallet Hits 60 Million Users

Meanwhile, Bitget, a different crypto exchange, reported a significant milestone: its wallet app now boasts 60 million users. The company experienced 300% user growth in 2024, showcasing a positive trajectory for their user base.

SEND Arcade Launches NFT Entry Pass for Squad Game

In the NFT space, SEND Arcade has launched the second season of its ‘Squad Game’ with a new NFT entry pass. The pass allows players to participate in the Solana-based on-chain game. Minting starts on the Magic Eden platform.

Crypto.com Partners with Dubai Islamic Bank

Crypto.com, a well-known cryptocurrency platform, announced a partnership with Dubai Islamic Bank. The collaboration aims to explore innovative payment solutions focused on Sharia-compliant platforms like tokenized Islamic Sukuks and real-world asset tokenization. This partnership is significant for Crypto.com’s expansion within the UAE and GCC regions.

These developments highlight the dynamic and ever-evolving nature of the cryptocurrency industry, with regulatory scrutiny, user growth, and strategic partnerships all playing prominent roles.