What’s next for Malaysian Ex-Bybit users ?

dezoel

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Quote from: X-ray on December 31, 2024, 09:43:05 PM

if that's the case and there's no good local exchange then self custody is the way.

we got stablecoin anyway that can guarantee asset stability, and most of the dex already have such big trading volume, uniswap is enough for trading in my opinion, some dex also provides perpetual.
you got the benefit of your private key your coin, basically CEX isn't primary need anymore , can always settle things on chain,

With the popularity of cryptos right now, there must still be some left and there might still be lots of people who prefer CEX over DEX for some reasons and this is why CEX still leads the way even up until now. The issue has nothing to do with the stablecoins or on a volatile crypto but indeed that stablecoins still had some advantages over the other.

Quote from: X-ray on December 31, 2024, 09:43:05 PM

it's just most of people already getting used to CEX far before DEX become this good and they never try to self custody.

Yeah. Before CEX came in and dominate the scene, we firstly have a DEX. If you are an OG in crypto, you already experience to use DEX first. There might still be some who sticks with it because they are mainly following the true advocacy of crypto/Bitcoin which is to provide anonymity or freedom to the public.

Potato Chips

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Quote from: Dave1 on December 31, 2024, 11:07:44 PM

I was thinking though that they could used VPN, but it's not advisable, maybe you can get away with it on few occasions, but once Bybit found out about it, they might suspend your account and then the lost process of withdrawal and KYC before you can withdraw it.

If the ban would be coming from bybit's end as well which is very likely—essentially, bybit would start suspending every malaysian accounts— sadly, VPN wouldn't work if folks had/have Malaysia based documents because identity verification is mandatory in bybit.

Otherwise, then it could work. I guess, we could have a similar situation with binance in the Philippines where it's business as usual for some people lol especially if the ban would be at domain level only and people can just tinker their DNS settings.

EarnOnVictor

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Quote from: ? on December 30, 2024, 09:26:41 AM

Source:https://www.theblock.co/post/332552/malaysia-orders-bybit-to-halt-local-operations-over-registration-failure

Malaysian users are to withdraw their assets before the year ends because all Bybit accounts will get suspended. Within this short timeframe, there maybe a huge problem for users to find a trusted exchange to transfer their assets to. Which other exchange do you think would be worth trying or are there other alternatives to resolve this issue?

I believe this post is best in the Exchange section of the forum, do the needful.

I don't blame any country for demanding their share of the cake from the billions of dollars these exchanges are making. If you are also patriotic, you should support your government on this and first look within if you can find a good exchange that is registered in your country for full compliance.

In the absence of that, try Binance or Bitget, they are equally good and may not make you miss Bybit a second.

TravelMug

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Quote from: ? on December 30, 2024, 09:26:41 AM

Just finding out now that Bybit was ordered to shut down operations in Malaysia by the government’s regulatory body for failing to register operations. I was dumbfounded when I found out, i can’t imagine how much this will affect users.

Source:https://www.theblock.co/post/332552/malaysia-orders-bybit-to-halt-local-operations-over-registration-failure

Malaysian users are to withdraw their assets before the year ends because all Bybit accounts will get suspended. Within this short timeframe, there maybe a huge problem for users to find a trusted exchange to transfer their assets to. Which other exchange do you think would be worth trying or are there other alternatives to resolve this issue?

We are neighbors of Malaysia, (Philippines), and if I'm not mistaken Binance was ban in our country as well for failure to comply with the registration. But after a year, I haven't heard anyone complain about it as there are still some crypto exchanges that we can used internationally, and locally as we have Coins.ph and PDAX.

I'm not sure what other exchanges though, maybe other exchanges are still existing in Malaysia to be used.

I check and here are the list of government allowed crypto exchange.

Source: https://www.sc.com.my/regulation/guidelines/recognizedmarkets/list-of-registered-digital-asset-exchanges

Dave1

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Quote from: ? on December 30, 2024, 09:26:41 AM

Just finding out now that Bybit was ordered to shut down operations in Malaysia by the government’s regulatory body for failing to register operations. I was dumbfounded when I found out, i can’t imagine how much this will affect users.

Source:https://www.theblock.co/post/332552/malaysia-orders-bybit-to-halt-local-operations-over-registration-failure

Malaysian users are to withdraw their assets before the year ends because all Bybit accounts will get suspended. Within this short timeframe, there maybe a huge problem for users to find a trusted exchange to transfer their assets to. Which other exchange do you think would be worth trying or are there other alternatives to resolve this issue?

Well obviously they will have to find another crypto exchange that they can used so there's nothing to worry about. If might be hard though for them if their government will shutdown known exchanges for regulatory compliance.

I was thinking though that they could used VPN, but it's not advisable, maybe you can get away with it on few occasions, but once Bybit found out about it, they might suspend your account and then the lost process of withdrawal and KYC before you can withdraw it.

X-ray

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if that's the case and there's no good local exchange then self custody is the way.

we got stablecoin anyway that can guarantee asset stability, and most of the dex already have such big trading volume, uniswap is enough for trading in my opinion, some dex also provides perpetual.
you got the benefit of your private key your coin, basically CEX isn't primary need anymore , can always settle things on chain, it's just most of people already getting used to CEX far before DEX become this good and they never try to self custody. as for cashing out, just use P2P, but i'm sure there is local exchange isn't there?

moneystery

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regulators will always demand that their regulations are complied with by CEX, and if they do not fulfill it then it is their obligation to stop their services. in this case bybit is unable to fulfill their obligations and they should have withdrawn from malaysia, and users should be able to switch to other exchanges smoothly because the regulator gave them a deadline. in malaysia there are also several exchanges that operate, and have met the legality, for example Lun*, this can be the exchange of choice for users if they are confused about which exchange to choose, because I have used the platform and the service is quite good.

Fortify

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Quote from: ? on December 30, 2024, 09:26:41 AM

Just finding out now that Bybit was ordered to shut down operations in Malaysia by the government’s regulatory body for failing to register operations. I was dumbfounded when I found out, i can’t imagine how much this will affect users.

Source:https://www.theblock.co/post/332552/malaysia-orders-bybit-to-halt-local-operations-over-registration-failure

Malaysian users are to withdraw their assets before the year ends because all Bybit accounts will get suspended. Within this short timeframe, there maybe a huge problem for users to find a trusted exchange to transfer their assets to. Which other exchange do you think would be worth trying or are there other alternatives to resolve this issue?

Let's hope if you were a bybit user that you got the message and withdrew your coins before the deadline passed on Christmas day. I mean, maybe it's a time to be grateful that they gave a grace period to move funds out because sometimes regulators come in with a mallet and simply wipe users out if they think some abuse has taken place. For an exchange operator they would have had a long time to reposition themselves into a different jurisdiction or get regulatory approval, but they decided to risk it all and have learned the hard way. Was this the biggest exchange used in Malaysia or something? There are lots of alternatives out there anyway and it's probably better to stick with ones that are outside Malaysian government control in future.

sokani

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Quote from: ? on December 30, 2024, 09:26:41 AM

Just finding out now that Bybit was ordered to shut down operations in Malaysia by the government’s regulatory body for failing to register operations. I was dumbfounded when I found out, i can’t imagine how much this will affect users.

Source:https://www.theblock.co/post/332552/malaysia-orders-bybit-to-halt-local-operations-over-registration-failure

Malaysian users are to withdraw their assets before the year ends because all Bybit accounts will get suspended. Within this short timeframe, there maybe a huge problem for users to find a trusted exchange to transfer their assets to. Which other exchange do you think would be worth trying or are there other alternatives to resolve this issue?

From what I read, Binance, Bitget, Gemini, Coinbase are providing services to the Malaysian market. So, you can look it up.

https://www.bitcoin.com/exchanges/malaysia/

However, storing your funds on a crypto exchange is bad because this is one of many things that can happen to your assets. The government can shutdown the exchange, your assets can be frozen or the exchange can be hacked. So, create a wallet and transfer your funds. But if you're a daily trader, you're free to have a small portion of your funds in a CEX for trading.

BIT-BENDER

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This is not a big deal if you asked me. I don't think there is any shortage of exchange.
Take it from me, my country has a ban on binance although not like this one, it was more of binance removing Naira option from their exchange but you can use the exchange for any other activity.
The move by binance caused a bit of panic amongst their users in my country but immediately we moved on to other alternatives and the experience hasn't been bad according to lots of people.
I don't think anyone should panic all they need to do is research on which exchange is best for them, nothing a little search can't solve.

tabas

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This topic is appropriate on Exchanges than Economics.

Quote from: ? on December 30, 2024, 09:26:41 AM

Which other exchange do you think would be worth trying or are there other alternatives to resolve this issue?

Well, only the Malaysian people can answer that. If Binance is allowed there, then Binance. If not, then there goes the rest of the list like Coinbase, OKX, Kucoin, etc. There are too many to mention as long as they are permitted by the Malaysian government.

Ikem22

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Quote from: Davidvictorson on December 30, 2024, 09:57:46 AM

Well I will tell the Malaysian Ex-Bybit users, welcome to the club. Nigeria about last year kicked out Binance exchange out of Nigeria and we were faced with the same situation. In this case, it is the reverse as it is only Bybit that remained and most of us Nigerians started to use them for trading and P2P services. I don't know about the Malaysian situation but there will be other exchanges that are still going to be in business so users can switch to them. Least I forget, please don't leave funds you cannot afford to lose in a centralized exchange. Thank you.

lol You’re spot on about adapting. Malaysians still have options like Bitget, which has been pretty reliable for trading and P2P. And yeah, never forget, funds on exchanges should always be kept to a minimum for safety.

Roseline492

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Quote from: Davidvictorson on December 30, 2024, 09:57:46 AM

Well I will tell the Malaysian Ex-Bybit users, welcome to the club. Nigeria about last year kicked out Binance exchange out of Nigeria and we were faced with the same situation.

That's the only solution for them because there nothing they can do about it since there government has already taking the action, though at the beginning they will find it very uneasy for them but with time it will be nothing for them because when it happens to Nigeria all the people who depend on that exchange was sad but after sometime everything became normal again because there were are other places people can go, so perhaps Malaysian will also meet other exchanges that's allowed within them and start using it but meanwhile removing there money from the exchange in question should be given full attention because there money could be as take if they don't meet the date.

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Quote from: Alpha Marine on December 30, 2024, 03:21:39 PM

As long as the information will get to everybody that has money in their bybit account so they can get it out then there's no major problem here. There must be other exchanges that they can use there. For the sake of its citizens the government should have give more time so people will have enough time to get their money out.

These are the issues with keeping money in exchanges. CEX should be treated as a market place. A place to trade and leave, it should not be regarded as a bank or wallet. All your bitcoin and other coins should be kept in your wallet.

Most people use CEX as wallets probably because they see exchanges as a more trusted platform compared to digital wallets but i hope they get to learn from their mistakes regarding this issue.

icalical

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Bybit has to cease operations in Malaysia no later than December 25, 2024, for failing to register itself with the Securities Commission Malaysia. Users are supposed to withdraw assets before accounts are suspended. That raises concerns about where one can go that is trusted. For crypto traders Malaysia there are some options like Luno, Binance, and eToro. I think they can also use unregistered exchange, but using unregistered exchanges does come with risks, since local protections are limited.

Alpha Marine

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As long as the information will get to everybody that has money in their bybit account so they can get it out then there's no major problem here. There must be other exchanges that they can use there. For the sake of its citizens the government should have give more time so people will have enough time to get their money out.

These are the issues with keeping money in exchanges. CEX should be treated as a market place. A place to trade and leave, it should not be regarded as a bank or wallet. All your bitcoin and other coins should be kept in your wallet.

bestcandy

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Quote from: ? on December 30, 2024, 09:26:41 AM

Just finding out now that Bybit was ordered to shut down operations in Malaysia by the government’s regulatory body for failing to register operations. I was dumbfounded when I found out, i can’t imagine how much this will affect users.

Source:https://www.theblock.co/post/332552/malaysia-orders-bybit-to-halt-local-operations-over-registration-failure

Malaysian users are to withdraw their assets before the year ends because all Bybit accounts will get suspended. Within this short timeframe, there maybe a huge problem for users to find a trusted exchange to transfer their assets to. Which other exchange do you think would be worth trying or are there other alternatives to resolve this issue?

Sometime I wonder if government consider the impact of some of their decision on her citizen. Putting restriction on Bybit within a short time frame by Malaysia government regulatory authority will have a negative impact on the citizen that are users of Bybit because it will pose a challenging situation for them to be able to find a reliable exchange platform within the stipulated time frame.
Like what happened with Binance in Nigeria. If I may ask, why is it these companies prefer leaving the countries of their operation than complying with the government considering the number of customers they have. Does it mean that they are getting reasonable profit from those countries?

Davidvictorson

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Well I will tell the Malaysian Ex-Bybit users, welcome to the club. Nigeria about last year kicked out Binance exchange out of Nigeria and we were faced with the same situation. In this case, it is the reverse as it is only Bybit that remained and most of us Nigerians started to use them for trading and P2P services. I don't know about the Malaysian situation but there will be other exchanges that are still going to be in business so users can switch to them. Least I forget, please don't leave funds you cannot afford to lose in a centralized exchange. Thank you.

Tungbulu

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The most important thing is that they’re given the opportunity to withdraw their funds, the year will be ending in a couple of days and I believe that should be enough time for everyone to withdraw their funds and diversify to another exchange, I’m pretty sure there are lots and lots of exchanges that are allowed to operate within their jurisdiction and they can easily switch!
My only concern would be those who for one reason or the other won’t be able to meet up with the deadline given for them to pull out their funds.

?

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Just finding out now that Bybit was ordered to shut down operations in Malaysia by the government’s regulatory body for failing to register operations. I was dumbfounded when I found out, i can’t imagine how much this will affect users.

Source:https://www.theblock.co/post/332552/malaysia-orders-bybit-to-halt-local-operations-over-registration-failure

Malaysian users are to withdraw their assets before the year ends because all Bybit accounts will get suspended. Within this short timeframe, there maybe a huge problem for users to find a trusted exchange to transfer their assets to. Which other exchange do you think would be worth trying or are there other alternatives to resolve this issue?

Topic: What’s next for Malaysian Ex-Bybit users ? (Read 168 times)