Bybit Adds Singapore to Investor Alert List

Bybit Fintech Limited and its main trading website have been flagged by Singapore’s Monetary Authority of Singapore (MAS) for operating without the necessary licensing in the jurisdiction.

June 17, 2023

The alert stems from a licensing requirement under Singapore’s Payment Services Act, which requires firms offering digital payment token services to obtain authorization to operate legally. Entities that solicit or serve local residents without approval risk regulatory action.

Bybit’s Global Operations and Regulatory Stance

The warning is consistent with MAS’s strict compliance oversight of the crypto sector. The regulator maintains a high threshold for market participants. In a recent case, MAS revoked the Major Payment Institution license of Bsquared Technology in May, finding false statements and significant weaknesses in the firm’s risk management and control systems.

Bybit’s Global Operations and Recent Moves

Bybit continues to provide trading services and other products in jurisdictions where it is permitted. Notably, the Singapore alert contrasts with a recent regulatory success for Bybit in Malaysia. The exchange was removed from that country’s investor alert list after engaging with local regulators.