Singapore’s central bank, the Monetary Authority of Singapore (MAS), has officially placed Bybit, a major global cryptocurrency exchange, on its Investor Alert List. The designation, issued on June 17, serves as a public warning that Bybit Fintech Limited and its trading platform are not licensed to offer regulated services to residents in Singapore. The list is meant to alert investors to entities that may be mistakenly perceived as having MAS authorization.
Unlike formal enforcement actions, inclusion on the alert list does not carry penalties but acts as a cautionary measure. MAS updates the list based on available information and clarifies it is not exhaustive. Bybit’s entry includes its primary website, which is now flagged for Singapore users.
Bybit was founded by Singapore-born entrepreneur Ben Zhou and has become the second-largest crypto exchange globally by trading volume. Despite its local origins, Bybit’s terms of service already prohibit Singapore users, and the exchange employs geo-blocking to restrict access from local IP addresses. Under Singapore law, firms offering digital payment token services must obtain a license under the Payment Services Act. Operating without such approval can lead to regulatory action if local customers are solicited or served.
MAS continues to guide investors to its Financial Institutions Directory to verify the licensing status of any platform before use. This latest warning aligns with Singapore’s ongoing crackdown on non-compliant crypto firms. In May 2024, MAS revoked the Major Payment Institution license of Bsquared Technology due to false statements and significant weaknesses in risk management, conflict-of-interest controls, and outsourcing. The regulator has also indicated it is investigating whether senior officers at Bsquared bear personal responsibility for those breaches.
The Bsquared case was notable because the firm had previously received regulatory approval before losing its license. Combined with warnings targeting unlicensed platforms, this underscores MAS’s commitment to investor protection and strict oversight. Meanwhile, the regulator continues to approve compliant firms, such as BitGo, which received authorization for crypto infrastructure services, highlighting the high compliance bar required in Singapore.
Bybit’s global operations remain unaffected by the alert. The exchange continues to offer trading, token listings, proof-of-reserves, and other services in permitted jurisdictions. Bybit had not commented publicly on the MAS listing at the time of publication and did not respond to requests for comment. This action follows a different outcome in Malaysia, where Bybit was removed from the investor alert list in April 2026 after engaging constructively with regulators and addressing compliance issues.
Prior to the MAS alert, Bybit partnered with Plume to launch institutional fixed-income vaults, allowing users to deploy stablecoins into products linked to traditional instruments from PIMCO and China Merchants Bank International. This expansion reflects Bybit’s broader strategy to diversify its offerings while navigating varying regulatory landscapes.