Top Global Crypto Exchanges Rethink Singapore Presence as MAS Tightens Rules

Key Takeaways

• Top exchanges are reassessing their presence in Singapore after the MAS tightens rules on serving overseas clients.
• The new regime requires licenses for cross-border crypto activity, with a hard June 30 deadline and no grace period.
• Bitget and Bybit are planning to relocate teams to Dubai and other jurisdictions.

Crypto exchanges are weighing an exit from Singapore after the country’s financial regulator imposed sweeping new requirements for serving customers overseas, catching many firms off guard with a tight compliance deadline.

The Monetary Authority of Singapore (MAS) has given firms until June 30 to secure the proper licensing or shut down operations serving foreign clients. The move has rattled some of the industry’s biggest players, who say the abrupt shift leaves little room to adapt.

Bitget and Bybit Mull Exit From Singapore

Bitget and Bybit are among the platforms that are now rethinking their Singapore footprint, according to people familiar with the matter.

Both companies are preparing to wind down local operations and shift staff to crypto-friendly jurisdictions like Dubai and Hong Kong, the people said, asking not to be identified discussing private plans.

Singapore has long been seen as a crypto hub in Asia, attracting global players such as Coinbase and Crypto.com. However, the latest regulatory pivot has raised questions about the city-state’s long-term appeal, especially for firms with global client bases.

Last week, MAS published a list of 33 firms—including Coinbase, Circle, and Upbit—that have secured full payment institution licenses.

Utility-token projects and firms not offering regulated payment services will remain exempt from the new rules.

MAS Says Firms Were Warned

While exchanges say the new framework creates a regulatory cliff edge, MAS insists it has been transparent about its intentions.

“This move should also not come as a surprise to the industry as we have consistently communicated our position on such service providers on various occasions,” a MAS spokesperson said.

The new regime is part of Singapore’s broader push to bring cross-border crypto activity in line with global anti-money laundering norms.

While firms scramble to comply or relocate, regulators argue the shift will ultimately lead to a safer, more transparent market.