In a significant development for the cryptocurrency industry, major exchanges Bybit and Bitget are reportedly planning to exit Singapore due to stringent regulatory measures imposed by the Monetary Authority of Singapore (MAS). As of June 2025, the MAS has issued a final warning to unlicensed crypto firms, mandating compliance with the Payment Services Act or cessation of operations in the city-state by June 30, 2025.
The crackdown is part of Singapore's broader effort to protect its domestic market and ensure that crypto exchanges adhere to strict licensing requirements. This regulatory push has created a challenging environment for firms operating without proper permits, especially those serving overseas clients, prompting several to reconsider their presence in the region.
According to recent reports, both Bybit and Bitget are scaling back operations in Singapore as the deadline looms. The exchanges have yet to secure full licenses under the Payment Services Act, and the lack of a grace period from the MAS has intensified the pressure to either comply or withdraw from the market.
This move by Singapore's regulator underscores the city-state's commitment to becoming a regulated crypto hub, balancing innovation with investor protection. However, it raises questions about the future of unlicensed exchanges and their ability to operate in one of Asia's key financial centers.
The potential exit of Bybit and Bitget could have ripple effects across the global crypto landscape, as firms may seek more lenient jurisdictions to continue their operations. Industry experts suggest that this could lead to a migration of crypto businesses to regions with less stringent regulations.
As the situation unfolds, the crypto community is keenly watching how these exchanges adapt to the changing regulatory environment and whether other countries will follow Singapore's lead in tightening crypto oversight. For now, the focus remains on compliance or relocation for many firms in the sector.
Maria Lourdes
