Singapore Adds Bybit to Alert List Alongside Binance and KuCoin

The Monetary Authority of Singapore has added Bybit to its Investor Alert List, putting the global crypto exchange alongside Binance and KuCoin in a growing group of offshore platforms flagged to local investors.

Inclusion on the MAS alert list does not necessarily imply wrongdoing. It is a formal warning that the company is not authorised to solicit or serve Singapore residents.

Bybit is aware that Bybit Fintech Limited has been included on the Monetary Authority of Singapore's (MAS) Investor Alert List and is engaging MAS to better understand the basis for this listing.Bybit has consistently engaged openly and constructively with MAS and has been…

The move adds to a series of steps Singapore has taken to bring locally based crypto firms under its licensing framework. Last year, MAS expanded licensing requirements to cover locally based digital asset firms even if they served only overseas customers.

That change directly challenged the hub-and-spoke model used by many global crypto exchanges. Firms could no longer rely on Singapore for credibility, talent and corporate presence while keeping their regulated activity elsewhere.

Bitget and Bybit have reportedly already started shifting parts of their local operations out of the country in response.

A More Selective Crypto Market

MAS is still allowing licensed crypto firms to operate, but access is becoming more selective. Coinbase and Crypto.com are among the firms that have secured local approvals and built a regulated presence in the city-state.

For everyone else, the regulator is using a wider set of tools: the Investor Alert List, restrictions on retail promotion and licence enforcement.

The regulator has become more selective about who receives and retains approval. The recent revocation of Bsquared Technology’s licence, just 16 months after approval, underlined that authorisation is not a one-time achievement.

What Brokers Should Take From It

For regulated brokers and fintechs, Singapore’s tougher stance creates a sharper competitive split. Inclusion on the MAS alert list carries both compliance and reputational implications for firms seeking institutional clients, banking relationships or regulated partnerships.

There may also be a market opportunity. As unlicensed offshore exchanges lose room to operate, licensed firms that can offer compliant access to digital assets may be able to capture higher-value clients who still want exposure but need a cleaner regulatory route. .

Bybit said it is “engaging MAS to better understand the basis for this listing.” The move reinforces a broader trend in Singapore’s crypto market: local presence and regulatory supervision are becoming increasingly difficult to separate.