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Bybit Engages MAS After Singapore Investor Alert Listing
Bybit is engaging Singapore's MAS after being placed on the Investor Alert List. The exchange is not licensed to serve local users despite blocking Singapore IP addresses.
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Bybit said it is talking directly to the Monetary Authority of Singapore after the regulator placed the exchange on its Investor Alert List on June 17.
The list warns consumers that Bybit is not licensed to serve local users, despite the company already blocking Singapore IP addresses and stating in its terms of service that it does not serve Singapore residents. MAS uses the list to flag entities that might be wrongly seen as regulated by the government.
Bybit posted on X on June 18 that it is "engaging MAS to better understand the basis for this listing" and said it has "consistently engaged openly and constructively" with the regulator. The exchange does not hold a license under Singapore's Payment Services Act, which requires crypto service providers to be licensed before serving local residents.
Binance was added to the same list in 2021. Users who deposit money with exchanges on the list do not get the protections that MAS-licensed platforms must provide.