Singapore's MAS flags Bybit for unlicensed crypto operations

Singapore’s Monetary Authority (MAS) has placed Bybit on its Investor Alert List. The decision affects Bybit Fintech Limited, its trading platform, and the exchange’s main website. The move highlights regulatory concerns over unlicensed crypto services in the city-state. Bybit was added to the list on 17 June. The exchange is the world’s second-largest by trading volume but operates without a licence in Singapore. Local regulations require firms offering digital payment token services to hold authorisation under the Payment Services Act.

Bybit’s terms of service already block Singapore users through geo-restrictions. Despite this, the exchange has continued expanding its offerings, recently partnering with Plume to launch institutional fixed-income vaults.

The MAS action follows its May revocation of Bsquared Technology’s Major Payment Institution licence. The firm was penalised for regulatory breaches and false statements. Authorities are now assessing whether senior officers at Bsquared could face personal accountability for the violations. Bybit remains unregulated in Singapore and is not permitted to serve local users. Its inclusion on the Investor Alert List serves as a warning to potential customers. The MAS continues to enforce strict compliance with its digital payment token laws.