The Monetary Authority of Singapore (MAS) added Bybit Fintech Ltd. to its investor alert list, as part of a tightening of state oversight over cryptocurrency exchanges operating without a license in the city-state. Singapore is a regional hub for several of the sector’s leading firms, although that does not exempt them from complying with local requirements.
The MAS clarified that inclusion on the list does not imply irregularities, but rather seeks to make clear that these entities are not authorized to offer financial services to Singaporean citizens. Bybit acknowledged its inclusion through a post on X, stating that it “is in contact with the MAS to better understand the grounds for this inclusion” and clarified that it does not operate with users in Singapore.
This decision comes alongside a series of recent regulatory measures. KuCoin was added to the same list earlier this year, while Binance has been on it since 2021. Last year, the MAS expanded licensing requirements to include local firms serving clients abroad, which led Bybit and Bitget to announce the relocation of their local operations out of the country.
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