Bybit has been placed on the "blacklist" by MAS: Singapore tightens control over crypto exchanges
On June 17, 2026, the Monetary Authority of Singapore (MAS) officially added Bybit Fintech Limited and the Bybit exchange itself to its Investor Alert List. This means that the world's second-largest cryptocurrency exchange by trading volume does not hold a MAS license and is not regulated to provide services to users in Singapore.
This regulatory move is not an isolated incident but part of a consistent policy to protect retail investors amid growing interest in digital assets in the Asian financial hub. It is important to understand: being placed on the alert list is not a ban or a declaration of fraud, but a public information tool. It is designed to warn users against mistakenly perceiving an unlicensed platform as fully regulated.
What Bybit's Status in Singapore Means
The MAS Investor Alert List highlights companies that "may be or may have been perceived as having a license or authorization" from the regulator. Bybit now joins giants like Binance, which was added to this list back in 2021. MAS emphasizes that the list is not exhaustive and is compiled based on current information.
In Bybit's case, the exchange's main website is listed. This is fundamentally important: even if the platform blocks IP addresses from Singapore, the very fact that the site is accessible and perceived as legitimate creates risks. As I have repeatedly noted in my analyses, technical access restrictions are no substitute for full licensing and oversight.
Global Status vs. Local Rules
Bybit, founded by Singaporean Ben Zhou, is among the largest exchanges by daily turnover, measured in billions of dollars. The company is based in Dubai and other jurisdictions, and its user agreement explicitly prohibits clients from Singapore. However, this does not remove the issue of compliance with Singapore's Payment Services Act, which establishes a strict licensing regime for services involving digital payment tokens.
Interestingly, the MAS decision came shortly after Bybit achieved successes in other markets. In April 2026, the exchange was removed from the Securities Commission Malaysia's Investor Alert List following constructive engagement with the regulator. This shows that Bybit is capable and willing to engage in dialogue, but in Singapore, it appears to have yet to find common ground with local authorities.
Market Context and Risks for Users
The timing of this warning is no coincidence. Regulatory pressure is mounting in the industry amid events such as the UK's recent sanctions against HTX. For traders in Singapore, the situation is clear: using unlicensed exchanges deprives them of protection from MAS in the event of disputes, loss of funds, or unfair practices by services.
Bybit continues to operate normally for now—adding new tokens and publishing proof-of-reserves reports. But the platform's silence regarding its inclusion on the list is a worrying sign. Experience with other platforms shows that in such situations, exchanges typically strengthen regulatory compliance rather than ignore it.
My conclusion: Bybit's inclusion on the MAS Investor Alert List is not just a formality. It is a clear signal to the market that Singapore has no intention of softening its standards, even for the largest players. Investors in this region should be more careful in choosing platforms and prioritize only licensed services to minimize legal and operational risks in a volatile market.