Singapore delivers final ultimatum to unlicensed exchanges… Bitget and Bybit in withdrawal process
Suehyeon Lee
Summary
- Bloomberg reported that, due to Singapore’s financial watchdog giving a final warning, exchanges operating without a license are preparing to withdraw.
- Bitget stated it plans to relocate personnel to regions with favorable regulatory environments, such as Dubai and Hong Kong, due to not holding a Singapore license.
- Sources said Bybit is also reviewing similar measures related to team reorganization and withdrawal.
In response to a final warning from Singapore’s financial regulator, major virtual asset (cryptocurrency) exchanges operating locally without a license are reportedly preparing to withdraw.
On the 12th (local time), Bloomberg, citing sources familiar with the matter, reported that "in response to the warning from Singaporean regulators, Bitget and Bybit—who do not hold local licenses—are planning to reorganize their teams."
Accordingly, Bitget plans to relocate personnel to other regions with more favorable regulatory environments, such as Dubai and Hong Kong, while Bybit is reportedly considering similar measures.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
