Singapore’s strict stance on crypto compliance is pushing major unlicensed exchanges to the edge. Following a final warning from the Monetary Authority of Singapore (MAS), top exchanges like Bitget and Bybit are preparing to exit the country or restructure their operations.
While Singapore is known as one of Asia’s most progressive crypto hubs, its regulators have made it clear — only licensed players will be allowed to stay.
Big Names Under Pressure
Bitget and Bybit, both ranked among the top 10 global crypto exchanges by trading volume, have reportedly begun planning their exit strategies. Sources familiar with the matter said Bitget will relocate staff to more crypto-friendly regions such as Dubai and Hong Kong. Bybit is exploring similar moves but has yet to finalize its decision.
These changes come as part of a broader effort by Singapore’s financial authority to enforce its licensing rules under the Payment Services Act. Firms operating without permits are now left with two choices: either comply fully or leave the market.
Why the Sudden Clampdown?
Singapore’s caution stems from past collapses during the 2022 crypto downturn. High-profile failures left regulators wary, prompting a series of regulatory updates aimed at protecting retail investors and strengthening oversight.
Despite welcoming innovation, the government has imposed tough restrictions on crypto ads and regularly reminds consumers of the risks involved in digital asset trading.
Impact on Jobs and Local Ecosystem
The potential exits may come at a cost. Hundreds of jobs are now at risk as international exchanges scale back their Singapore operations. According to Arthur Cheong, founder of DeFiance Capital, offshore firms employ a “significant number” of staff in the city-state — likely in the hundreds.
While licensed firms like Coinbase and Crypto.com continue to operate under local rules, unregistered platforms face growing pressure to either exit quietly or invest in full regulatory compliance.
The Bigger Picture
Singapore’s approach shows it’s serious about balancing innovation with investor protection. As other countries look to attract crypto businesses, Singapore is choosing quality over quantity — aiming to build a secure and trustworthy environment for the long term.
