Bybit Singapore access came under scrutiny after the country’s financial regulator listed the exchange on its alert list.
Crypto exchange Bybit moved to explain its Singapore access rules after the country’s financial regulator added the exchange to an investor warning list.
In a Wednesday post on X, June 17, the Monetary Authority of Singapore, shortly known as MAS, said Bybit Fintech Limited and Bybit had been added to its investor alert list, which is used to warn investors about companies that may be wrongly seen as licensed, authorized or regulated by Singapore’s central bank.
It doesn’t mean MAS has accused Bybit of any fraud, but it remains unclear why the regulator added the exchange on the list.
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Bybit Points to Singapore Restrictions
Bybit responded the next day. In a Thursday X post, the exchange said it is “engaging MAS to better understand the basis for this listing.”
The company highlighted that it has measures in place to prevent Singapore users from accessing the platform, including terms-of-service restrictions and geo-blocking of Singapore IP addresses.
“Bybit does not offer services to users in Singapore,” the company said, adding that it will provide further updates “as appropriate.”
Not a Ban, But a Warning
Singapore’s investor alert list is closer to a public caution label than a shutdown order. It tells users to check whether a company is actually regulated by MAS before dealing with it.
And Singapore has used the list in earlier crypto cases. For instance, Binance was placed on it in 2021 after MAS said it didn’t have the required license to solicit Singapore users.
MAS later clarified that Binance wasn’t banned from operating in Singapore, but lacked the license needed to solicit local customers and had to stop doing so.
Other platforms, including KuCoin and Bitget, were also placed on the list in the past.
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