Singapore regulator flags unlicensed offshore exchanges

TLDR

Singapores central bank has warned that some large offshore crypto exchanges are not licensed locally and should not be assumed to be regulated in Singapore.

1. The Monetary Authority of Singapore (MAS) has added Bybit to its Investor Alert List, alongside Binance and KuCoin, for operating without local authorisation.
2. For Singapore users, using such platforms means no MAS supervision or local consumer protections if funds are lost or accounts are frozen.
3. Globally, this is another step in a wider shift toward onshore, licensed venues, which may benefit regulated exchanges and push unlicensed ones to restrict Singapore access.

Deep Dive

1. What MAS Just Did

On 1718 June 2026, MAS added Bybit and Bybit Fintech Limited to its Investor Alert List, a public database of entities that may be wrongly perceived as licensed or regulated in Singapore.[](https://ambcrypto.com/mas-adds-bybit-to-investor-alert-list-warns-exchange-is-not-regulated-in-singapore)

Finance Magnates reports that Bybit now joins Binance and KuCoin on this list, meaning MAS says they are not authorised to solicit or serve Singapore residents, even though they operate globally.[](https://www.financemagnates.com/cryptocurrency/exchange/singapore-adds-bybit-to-alert-list-alongside-binance-and-kucoin)

MAS stresses that listing does not by itself prove wrongdoing. It is a formal warning to investors that these entities fall outside its licensing regime.

2. Impact On Singapore Users

Under Singapores Payment Services Act, digital payment token (crypto) service providers that serve local users are expected to be licensed and supervised. MAS uses licensing, marketing restrictions, and the Investor Alert List to steer users toward compliant platforms.[](https://www.financemagnates.com/cryptocurrency/exchange/singapore-adds-bybit-to-alert-list-alongside-binance-and-kucoin)

If you trade on an offshore exchange that is not licensed in Singapore, you effectively forgo MAS-backed safeguards. If the platform fails, freezes withdrawals, or is hacked, you have limited local recourse compared with dealing with a licensed Major Payment Institution such as BitGo Singapore or regulated exchanges like Crypto.com.[](https://cryptobriefing.com/bitgo-angela-ang-apac-singapore)

3. Global Trend And What To Watch

MAS recently tightened rules so that firms with a meaningful local presence must seek a licence even if they claim to serve only overseas customers, undermining the hub in Singapore, clients elsewhere model used by some offshore exchanges.[](https://www.financemagnates.com/cryptocurrency/exchange/singapore-adds-bybit-to-alert-list-alongside-binance-and-kucoin)

Reports say some platforms, including Bitget and Bybit, have started shifting parts of their operations out of Singapore, while regulated players and tokenization platforms like DigiFT expand under MAS oversight.[](https://www.financemagnates.com/cryptocurrency/exchange/singapore-adds-bybit-to-alert-list-alongside-binance-and-kucoin)?

Next to watch: whether MAS escalates from warnings to enforcement (for example, actions against local entities tied to these exchanges), and whether more offshore platforms are added or tighten geo-restrictions for Singapore IPs.

Conclusion

Singapores regulator is signaling that offshore but accessible is no longer acceptable for exchanges with Singapore users. That raises risk for locals who continue using unlicensed platforms and reinforces the advantage for firms that obtain MAS licences. For crypto users, the practical edge is to treat jurisdiction and licensing as part of venue selection, not an afterthought.