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2 of World's Top 10 Crypto Exchanges Plan to Withdraw from SG on Regulatory Requirements: Wire
In response to the ultimatum of the Monetary Authority of Singapore (MAS) on 30 May, offshore unlicensed cryptocurrency exchanges operating in Singapore are required to withdraw fr...
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In response to the ultimatum of the Monetary Authority of Singapore (MAS) on 30 May, offshore unlicensed cryptocurrency exchanges operating in Singapore are required to withdraw from the country by the end of June, Bloomberg quoted sources as saying.

Two of the world's top 10 cryptocurrency exchanges, naming Bitget and Bybit, planned to move away from Singapore. Of which, Bitget intended to move to Dubai and Hong Kong, while Bybit is also considering similar measures.

The MAS claimed last Friday (6th) that the regulation affects only a very small number of cryptocurrency service providers, according to the report. The report quoted Chris Holland, Partner at consultancy firm HM, as saying they are continuously receiving inquiries about the impact of the regulation on businesses outside Singapore.

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