Singapore’s central bank has added Bybit, the world’s second-largest crypto exchange by trading volume, to its Investor Alert List. The Monetary Authority of Singapore (MAS) posted the warning on June 17, putting Bybit’s main website on a public list of entities that could be wrongly seen as licensed by the regulator. Bybit isn’t authorized under Singapore’s Payment Services Act, and the listing is a formal shot across the bow — even though the exchange already blocks Singapore IP addresses.
What the alert means — and doesn’t
The Investor Alert List isn’t a ban or a fraud designation. It’s a consumer warning tool, the same list that has carried Binance since 2021. Being added doesn’t trigger fines or shutdowns, but it does signal that MAS believes the platform may be holding itself out as licensed when it isn’t. Regulators here have been aggressive: unlicensed firms soliciting Singapore residents risk enforcement action. Bybit’s terms of service already say Singapore users aren’t welcome, and the exchange geo-blocks local traffic. Still, MAS wants residents to know they’re on their own if they use the platform — no dispute mechanism, no deposit protection, no fair-dealing rules.
Bybit’s Singapore roots
There’s an ironic twist: Bybit was founded by Ben Zhou, who is Singaporean. The exchange is now headquartered in Dubai but maintains operations in several jurisdictions. Zhou hasn’t commented on the MAS listing as of press time. The addition comes less than three months after Bybit was removed from Malaysia’s equivalent investor alert list — a removal that followed regulatory engagement. That track record suggests Bybit may eventually talk to MAS, but so far there’s been no public move.
No trading disruption — yet
The listing hasn’t affected Bybit’s global operations. The exchange continues to list tokens, publish Proof-of-Reserves data, and process trades as usual. No service interruptions have been reported. But the reputational sting is real. Singapore is a key jurisdiction for crypto regulation in Asia, and MAS has been tightening rules under the Payment Services Act. Being on the list doesn’t stop people from using Bybit — it just means they can’t claim they didn’t know it was unregulated.
MAS advises users to check its official Financial Institutions Directory for properly licensed platforms. For Bybit, the next question is whether it will follow the Malaysia playbook and engage the regulator, or stay silent and hope the alert fades. So far, silence.
