Bybit’s Singapore Alert: Why MAS Isn’t Buying Its ‘No Local Users’ Claim

(SeaPRwire) –

By: Elena Rostova

The core contradiction here is hard to miss. Singapore’s MAS put Bybit on its Investor Alert List for unlicensed operations. But Bybit says it blocks Singapore users with IP geoblocking and terms of service. This has crypto insiders asking: what does it take to stay off the list if you’re an offshore platform?

MAS added Bybit Fintech Ltd. to the list on June17. The list tells the public Bybit isn’t licensed to offer regulated financial services in Singapore. Bybit says it’s talking to MAS to understand the decision. It also claims it doesn’t serve Singapore users and uses safeguards like IP blocks and terms restrictions. MAS has been cracking down on offshore crypto platforms recently.

The compliance loop here depends on MAS believing Bybit’s blocking works. If MAS finds the safeguards weak, Bybit could face more scrutiny. For other offshore exchanges, this is a wake-up call: even if you think you’re blocking a market, regulators might still see you as a risk. The endgame? Offshore platforms will either prove their blocks are solid—or get licensed.

Author bio: Elena Rostova, a public policy expert specializing in compliance assessments for governments and sovereign wealth funds.