Bybit Added to Singapore Investor Alert List Over Unlicensed Operations

The Monetary Authority of Singapore (MAS) added Bybit Fintech Ltd. to its Investor Alert List, flagging the crypto exchange for operating without local authorization. Bybit, which serves over 80 million users globally, has never been licensed in Singapore. MAS explained that the alert list includes entities that may be incorrectly perceived as licensed or regulated, emphasizing that such firms are not authorized to provide financial services to Singapore residents. The move follows Singapore's expanded licensing framework introduced last year to cover digital asset companies serving overseas clients.

Bybit Responds to MAS Alert List Inclusion

Bybit stated it is seeking clarification from MAS on the basis for its inclusion on the alert list. The exchange said it has maintained safeguards aimed at preventing Singapore users from accessing its platform, including contractual restrictions and IP blocking measures. Bybit reiterated that it does not serve customers in Singapore and will continue working with regulators globally. 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.

Singapore Expands Crypto Licensing Framework

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. MAS has warned consumers about the risks of crypto trading and imposed limits on crypto-related advertising. Placement on the Investor Alert List does not suggest any violation, but signals that listed entities are not authorized to provide financial services in Singapore.

FAQ

What is the MAS Investor Alert List?
The MAS Investor Alert List includes entities that may be incorrectly assumed to be licensed or regulated in Singapore. Placement on the list does not indicate a violation, but emphasizes that such firms are not authorized to provide financial services to Singapore residents.

Why was Bybit added to Singapore's alert list?
Bybit was added because it has never been licensed in Singapore. MAS evaluates public feedback and documentary evidence before including entities on the list to clarify their regulatory status.

Does Bybit operate in Singapore?
Bybit stated it does not serve customers in Singapore and has implemented IP blocking measures and contractual restrictions to prevent Singapore users from accessing its platform.