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Bybit and Bitget Evaluate Options Amid Singapore’s Regulatory Crackdown

In a significant regulatory shift, two prominent crypto exchanges, Bitget and Bybit, are reconsidering their operations in Singapore.

The Monetary Authority of Singapore (MAS) has issued a stern directive mandating all unlicensed digital token service providers to discontinue overseas activities by the June 30 deadline.

Both exchanges, which currently operate without a full license, face the pressure to comply with this ultimatum or withdraw from the market.

Reportedly, Bitget is actively planning to relocate its staff to more crypto-friendly jurisdictions like Dubai and Hong Kong.

Bybit is also exploring similar avenues, although it has yet to declare its definitive course of action.

This move follows Singapore's increasingly cautious regulatory approach in response to the 2022 market downturn.

Historically viewed as a crypto-friendly hub, Singapore's new measures aim to bolster compliance and investor protection.

As firms scramble to either comply or relocate, concerns are mounting over potential job losses and the long-term implications for Singapore's standing in the global crypto landscape.

The MAS's directive underscores a broader trend where regulators worldwide are tightening their grip on the rapidly evolving cryptocurrency sector.

As the situation develops, the future landscape for crypto operations in Asia remains uncertain, with cities like Dubai and Hong Kong emerging as potential safe havens.