PANews reported on June 12 that according to Bloomberg, people familiar with the matter revealed that crypto exchanges Bitget and Bybit have operations in Singapore but have not obtained local licenses and are planning to reorganize their teams. Bitget will transfer employees to Dubai and Hong Kong, and Bybit is also considering similar measures. People familiar with the matter said that these exchanges that have operating teams in Singapore but have not obtained licenses may face adjustments to hundreds of positions.

On May 30, the Monetary Authority of Singapore (MAS) announced that crypto companies that have set up entities in Singapore but provide offshore services must cease operations before June 30, without a transition period, and all front-end functional agencies such as sales are subject to restrictions. A MAS spokesperson said this is a continuation of the Financial Services and Markets Act 2022 and only affects "a very small number" of companies. The industry pointed out that the new regulations expose the problem of unclear positioning of the headquarters of crypto companies. Legal experts said that companies that use Singapore teams to support offshore businesses but have unclear service definitions may face individual case reviews.