[Chain News] On June 12, it was reported that informed sources revealed that certain exchanges Bitget and Bybit have operations in Singapore but have not obtained local licenses, and are planning to restructure their teams. Bitget will relocate employees to places such as Dubai and Hong Kong, while Bybit is also considering similar measures. Informed sources stated that these exchanges, which have operational teams in Singapore but have not obtained licenses, may face adjustments of hundreds of positions.
On May 30, the Monetary Authority of Singapore (MAS) announced that crypto companies that set up entities in Singapore but provide offshore services will be suspended by June 30, with no transition period, and front-end functions such as sales will be restricted. A MAS spokesperson said it was a continuation of the Financial Services and Markets Act 2022 and only affected a "very small" number of businesses. The industry pointed out that the new regulations exposed the ambiguity of the positioning of the headquarters of crypto companies, and legal experts said that companies that use Singapore teams to support offshore business but whose services are undefined may face individual case review.
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Bitget and Bybit operate without a license in Singapore and will restructure their teams to move to Dubai and Hong Kong.
[Chain News] On June 12, it was reported that informed sources revealed that certain exchanges Bitget and Bybit have operations in Singapore but have not obtained local licenses, and are planning to restructure their teams. Bitget will relocate employees to places such as Dubai and Hong Kong, while Bybit is also considering similar measures. Informed sources stated that these exchanges, which have operational teams in Singapore but have not obtained licenses, may face adjustments of hundreds of positions.
On May 30, the Monetary Authority of Singapore (MAS) announced that crypto companies that set up entities in Singapore but provide offshore services will be suspended by June 30, with no transition period, and front-end functions such as sales will be restricted. A MAS spokesperson said it was a continuation of the Financial Services and Markets Act 2022 and only affected a "very small" number of businesses. The industry pointed out that the new regulations exposed the ambiguity of the positioning of the headquarters of crypto companies, and legal experts said that companies that use Singapore teams to support offshore business but whose services are undefined may face individual case review.