(Updates with Bybit statement in sixth paragraph.)
Updated: The Monetary Authority of Singapore (MAS) added Bybit Fintech Limited to its Investor Alert List on 17 Jun, without an accompanying media release. Bybit, the world's second-largest by trading according to CoinMarketCap, joins a lengthening roster of major global venues flagged by the regulator. Those flagged across 2025 include Phemex, MEXC, ZB.com, AscendEX, Bitget and Kyber Network; KuCoin was added in February this year.
The listing itself changes little. MAS has consistently described the IAL as a consumer-protection tool rather than an enforcement instrument: when it introduced the list in 2004, the regulator said the publication "does not conclude that the person has contravened the law." Bybit already restricts Singapore users through its terms of service and IP-based geo-blocking.
Singapore's regional crypto draw
Singapore is one of Asia's largest crypto hubs in terms of licensed activity. Singapore, held annually in autumn, draws tens of thousands and ranks among the industry's largest global gatherings. Strict licensing and a deep institutional capital base have cemented the city-state as a default Asian base for exchanges and funds.
Residents seeking exposure have onshore options, including Singapore, Crypto.com Singapore, Independent Reserve and Sygnum Singapore, all licensed by MAS. The full set is published on the MAS Financial Institutions Directory.
Region-wide regulatory pressure
The action echoes moves elsewhere in the region. Malaysia's Securities Commission ordered Bybit to disable local services in December 2024, then removed the exchange from its alert list in April after it complied and engaged with the regulator. Japan's (FSA) has pursued multiple warnings against Bybit since 2021, and Bybit announced in December 2025 that it would discontinue services for Japanese residents starting this year.
In a statement to Sandmark, Bybit said it "is engaging MAS to better understand the basis for this listing" and reiterated that it "does not offer services to users in Singapore," citing terms-of-service restrictions and geo-blocking already in place. The exchange added it "remains committed to working collaboratively with regulators around the world."
MAS did not immediately respond to Sandmark's request for comment.
