Crypto exchange Bybit has responded to its inclusion on Singapore’s Investor Alert List [IAL], saying it already restricts access to users in the country and is seeking clarification from regulators.
In a statement published on June 18, Bybit said it was aware that Bybit Fintech Limited had been added to the Monetary Authority of Singapore’s [MAS] Investor Alert List and was engaging with the regulator “to better understand the basis for this listing.”
The response comes a day after MAS added both Bybit and Bybit Fintech Limited to the IAL, a database of entities that may be wrongly perceived as being licensed, authorized, or regulated in Singapore.
Bybit says Singapore users are already restricted
According to the exchange, it has maintained ongoing measures to prevent access by Singapore users.
Bybit said those measures include restrictions in its Terms of Service and geo-blocking of Singapore IP addresses.
“Bybit does not offer services to users in Singapore,” the company said.
The exchange also stated that it has consistently engaged with MAS and remains committed to working collaboratively with regulators worldwide.
MAS listing remains in place
MAS has not publicly commented on the reasons behind Bybit’s addition to the Investor Alert List.
The regulator’s website states that the list identifies persons or entities that, based on information available to MAS, may be or may have been wrongly perceived as being licensed or regulated by the authority.
Inclusion on the list does not automatically indicate that an entity has violated Singapore law. Instead, it serves as a warning for investors to verify a firm’s regulatory status before engaging with its services.
Bybit’s statement introduces a new dimension to the story, with the exchange arguing that it already restricts Singapore users despite appearing on the regulator’s alert list.
For now, the listing remains active while discussions between Bybit and MAS continue.
Final Summary
- Bybit says it is engaging with MAS after being added to Singapore’s Investor Alert List and claims it already restricts access for Singapore users.
- The exchange’s response raises new questions about the basis of the listing, which remains active on the MAS website.