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- Bybit engaged MAS after Bybit Fintech Limited entered alert list.
- Exchange said Singapore users remain restricted through existing safeguards.
- Bybit pledged continued regulatory cooperation while seeking listing clarification.
Bybit has reacted to the placement of one of its entities on the Investor Alert List by the Monetary Authority of Singapore, reiterating the platform’s ongoing ban on Singapore investors. Bybit Fintech Limited was recently added to the list, following a statement by the exchange on X, which urged the partnership to contact MAS for further information.
The exchange said it is collaborating with the regulator to gain a greater understanding of the basis for the listing. Bybit also noted that it has always had measures in place to ensure that users in Singapore cannot access it. The limitations include geo-blocking IP addresses from Singapore and adding explicit restrictions in their Terms of Service, the company says.
The reaction is coinciding with a wave of new regulations imposed on the cryptocurrency market by regulators worldwide. As a result, key exchanges are being increasingly evaluated to meet local requirements for lawfulness and licensing.
Also Read: Illinois Introduces 0.2% Crypto Transaction Tax Amid Industry Criticism
Bybit Reiterates Existing Controls for Singapore Market
Bybit noted that it has a track record of continuous communication with MAS in the statement. The exchange said it has been working constructively with the regulator and has a commitment to working cooperatively with the regulator. Bybit claims that the restrictions were in place since the beginning and not because of the latest development. Also, in jurisdictions in which services are limited, the company’s compliance program is tailored to meet the regulatory expectations.
MAS keeps a public reference of the Investor Alert List. It is designed to identify entities that may seem to be regulated or licensed but not licensed or authorized by the regulator. Inclusion on the list does not, however, mean that there has been misconduct or action taken. Singapore continues to be one of the most important jurisdictions for the digital asset industry. Hence, whenever there is an update that involves the global cryptocurrency exchanges, there is a lot of attention in the industry.
Furthermore, numerous crypto companies have adapted to the varying requirements of various markets in recent years. One of the measures may entail regionally limited access, increased identification needs, and tightened compliance regimes.
Exchange Pledges Continued Regulatory Engagement
Bybit confirmed that it is working with MAS and negotiations are on-going.Bybit said it is continuing negotiations with MAS and is open to co-operating with regulators around the world. In addition, further updates will be made if needed, as engagement with regulators continues, the company said.
Bybit’s message continues to be centered around two key concepts. The exchange is requesting clarity about what it meant when it added the Investor Alert List, and it continues to believe Singapore users are still unable to access its platform due to compliance measures.
Also Read: South Korea’s Crypto Market Shrinks 28% as AI Stocks Draw Capital
