Singapore MAS orders unlicensed crypto exchanges to exit by June 30

Singapore's Monetary Authority (MAS) has issued a final directive requiring unlicensed cryptocurrency exchanges to cease operations from the city-state by June 30, prompting major platforms like Bitget and Bybit to plan relocations of their local teams to jurisdictions such as Dubai and Hong Kong. This crackdown targets offshore exchanges operating without local approval, with MAS clarifying that front-office roles serving overseas clients are included in the ban. Despite MAS stating that only a small number of providers will be affected, industry experts warn the move could jeopardize hundreds of jobs in Singapore. The regulator has also limited new licenses to extremely rare cases and discouraged retail crypto participation through advertising bans. MAS characterized the action as consistent with its long-standing stance and emphasized no transition time would be granted for non-compliant firms. The crackdown follows broader regulatory tightening after the 2022 crypto market downturn, with Singapore maintaining a cautious approach to the digital asset sector.