Bybit added to Singapore’s investor alert list over unlicensed operations

Bybit added to Singapore’s investor alert list over unlicensed operations

The announcement follows a series of measures aimed at strengthening oversight of the crypto sector.

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By Editorial Team
Edited by Vivian Nguyen

The Monetary Authority of Singapore (MAS), which oversees the country’s financial sector and monetary policy, has added Bybit Fintech Ltd. to its Investor Alert List as part of an effort to increase oversight of crypto exchanges operating without local authorization.

Bybit, which serves over 80 million users around the world, has never been licensed in Singapore. MAS explained that the alert list includes entities that may be incorrectly assumed to be licensed or regulated. Placement on the list does not suggest any violation, but emphasizes that such firms are not authorized to provide financial services to people in Singapore.

A MAS spokesperson told Bloomberg that the regulator evaluates both public feedback and documentary evidence before deciding whether to include an entity on the list.

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Responding to its inclusion on MAS’ Investor Alert List, Bybit said it is seeking clarification from the regulator on the basis of the decision. The company said it has long maintained safeguards aimed at preventing Singapore users from accessing its platform, including contractual restrictions and IP blocking measures.

The exchange reiterated that it does not serve customers in Singapore and said it will continue working closely with regulators around the world.

The announcement follows a series of measures aimed at reducing the risks associated with unregulated offshore crypto platforms. Last year, MAS expanded its licensing framework to cover Singapore-based digital asset companies serving overseas clients.

Singapore has adopted a selective approach to the crypto industry, granting licenses to firms that meet regulatory requirements while maintaining strict standards for consumer protection and market conduct.

While licenses are still being issued, MAS has warned consumers about the risks of crypto trading and imposed limits on crypto-related advertising.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
REGULATION

Bybit added to Singapore’s investor alert list over unlicensed operations

Bybit added to Singapore’s investor alert list over unlicensed operations

The announcement follows a series of measures aimed at strengthening oversight of the crypto sector.

By Editorial Team
Edited by Vivian Nguyen

Share

Add us on Google

The Monetary Authority of Singapore (MAS), which oversees the country’s financial sector and monetary policy, has added Bybit Fintech Ltd. to its Investor Alert List as part of an effort to increase oversight of crypto exchanges operating without local authorization.

Bybit, which serves over 80 million users around the world, has never been licensed in Singapore. MAS explained that the alert list includes entities that may be incorrectly assumed to be licensed or regulated. Placement on the list does not suggest any violation, but emphasizes that such firms are not authorized to provide financial services to people in Singapore.

A MAS spokesperson told Bloomberg that the regulator evaluates both public feedback and documentary evidence before deciding whether to include an entity on the list.

Advertisement

Responding to its inclusion on MAS’ Investor Alert List, Bybit said it is seeking clarification from the regulator on the basis of the decision. The company said it has long maintained safeguards aimed at preventing Singapore users from accessing its platform, including contractual restrictions and IP blocking measures.

The exchange reiterated that it does not serve customers in Singapore and said it will continue working closely with regulators around the world.

The announcement follows a series of measures aimed at reducing the risks associated with unregulated offshore crypto platforms. Last year, MAS expanded its licensing framework to cover Singapore-based digital asset companies serving overseas clients.

Singapore has adopted a selective approach to the crypto industry, granting licenses to firms that meet regulatory requirements while maintaining strict standards for consumer protection and market conduct.

While licenses are still being issued, MAS has warned consumers about the risks of crypto trading and imposed limits on crypto-related advertising.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.