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Business Times
2 days ago
- Business
- Business Times
MAS order prompts unlicensed crypto exchanges to plan exit
[SINGAPORE] A final warning from the Monetary Authority of Singapore (MAS) has prompted major crypto exchanges operating in the country without a permit to plan for a hasty exit. Bitget and Bybit – top-10 exchange operators by volume with a presence in Singapore but no local licence – plan to reorganise their teams, according to people familiar with the matter. Bitget will move staff to jurisdictions including Dubai and Hong Kong, while Bybit is weighing similar moves, added the people, who refused to be identified as the plans are confidential. Singapore is among Asia's foremost crypto hubs and a regional base for major global players such as Coinbase and But it still bears the scars of a string of local blow-ups from the last industry downturn in 2022. Even as it doles out licences, authorities in the Republic have warned consumers against trading cryptocurrencies and restricted related advertisements. Other digital-asset firms in the country warn that hundreds of jobs could be at stake. The companies hit hardest by the MAS deadline are offshore exchanges. Collectively, such firms have a 'significant number' – in the hundreds – of staff based in Singapore, according to Arthur Cheong, founder and CIO of DeFiance Capital. In its May 30 announcement, the MAS set a deadline of Jun 30 for crypto firms based in Singapore and offering services offshore to cease activities, refusing to allow transition time and warning that further licences would be granted under 'extremely limited' circumstances. Firms with front-office functions including sales and business development based in Singapore or with customers located overseas both fall within the scope of the regulation, MAS said. 'It's quite severe,' said Patrick Tan, general counsel at ChainArgos, a blockchain intelligence firm that is not affected by the notice. 'This is almost is as good as an evacuation procedure.' BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Representatives of Bitget and Bybit declined to comment on their plans. 'This move should also not come as a surprise to the industry as we have consistently communicated our position on such service providers on various occasions,' said an MAS spokesperson in response to questions from Bloomberg News. They added that licenced entities are not impacted by the new regulations. The recent notice from the MAS follows on from the Financial Services and Markets Act, passed in 2022, in which the watchdog had warned of a crackdown on unlicenced crypto companies. In a Jun 6 clarification, the MAS sought to quell industry concerns stemming from its May 30 announcement by specifying that only a 'very small' number of providers would be affected. But questions remain as to which firms must pay heed to the Jun 30 deadline. 'Calls are at all hours given the impact on businesses headquartered outside Singapore,' said Chris Holland, partner at Singaporean consulting firm HM. 'Queries range from regulated firms wanting to confirm there is no unexpected operational impact to offshore businesses needing to derisk their Singapore activities.' Grey area Crypto firms have a long history of leaving their base of operations ambiguous, posing challenges for would-be regulators. Binance Holdings, the world's largest digital-asset exchange, has never named a global headquarters. Its chief executive officer Richard Teng said in 2024 that it had held talks with a number of jurisdictions on the matter, but more recently he described Binance employees as 'remote-first'. Binance has been on Singapore's investor alert list since 2021. A company spokesperson said that the firm is committed to respecting local policies and regulations worldwide, without elaborating on its presence in the city-state. Crypto entities that make use of Singapore-based teams 'to support offshore operations without clear service delineation' are another grey area, said Grace Chong, head of financial regulatory practice in Singapore at Drew & Napier. The MAS may assess such arrangements on a case-by-case basis, she added. BLOOMBERG
Business Times
2 days ago
- Business
- Business Times
MAS orders unlicensed crypto exchanges to weigh exit
[SINGAPORE] A final warning from the Monetary Authority of Singapore (MAS) has prompted major crypto exchanges operating in the country without a permit to plan for a hasty exit. Bitget and Bybit – top-10 exchange operators by volume with a presence in Singapore but no local licence – plan to reorganise their teams, according to people familiar with the matter. Bitget will shift staff to jurisdictions including Dubai and Hong Kong, while Bybit is weighing similar moves, said the people, who refused to be identified as the plans are confidential. Singapore is among Asia's foremost crypto hubs and a regional base for major global players such as Coinbase and But it still bears the scars of a string of local blow-ups from the last industry downturn in 2022. Even as it doles out licences, authorities in the Republic have warned consumers against trading cryptocurrencies and restricted related advertisements. Other digital-asset firms in the country warn that hundreds of jobs could be at stake. The companies hit hardest by the MAS deadline are offshore exchanges. Collectively, such firms have a 'significant number' – in the hundreds – of staff based in Singapore, according to Arthur Cheong, founder and CIO of DeFiance Capital. In its May 30 announcement, the MAS set a deadline of Jun 30 for crypto firms based in Singapore and offering services offshore to cease activities, refusing to allow transition time and warning that further licences would be granted under 'extremely limited' circumstances. Firms with front-office functions including sales and business development based in Singapore or with customers located overseas both fall within the scope of the regulation, MAS said. 'It's quite severe,' said Patrick Tan, general counsel at ChainArgos, a blockchain intelligence firm that isn't affected by the notice. 'This is almost is as good as an evacuation procedure.' BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Representatives of Bitget and Bybit declined to comment on their plans. 'This move should also not come as a surprise to the industry as we have consistently communicated our position on such service providers on various occasions,' said an MAS spokesperson in response to questions from Bloomberg News. They added that licenced entities are not impacted by the new regulations. The recent notice from the MAS follows on from the Financial Services and Markets Act, passed in 2022, in which the watchdog had warned of a crackdown on unlicenced crypto companies. In a Jun 6 clarification, the MAS sought to quell industry concerns stemming from its May 30 announcement by specifying that only a 'very small' number of providers would be affected. But questions remain as to which firms must pay heed to the Jun 30 deadline. 'Calls are at all hours given the impact on businesses headquartered outside Singapore,' said Chris Holland, partner at Singaporean consulting firm HM. 'Queries range from regulated firms wanting to confirm there is no unexpected operational impact to offshore businesses needing to derisk their Singapore activities.' Grey area Crypto firms have a long history of leaving their base of operations ambiguous, posing challenges for would-be regulators. Binance Holdings, the world's largest digital-asset exchange, has never named a global headquarters. Its chief executive officer Richard Teng said in 2024 that it had held talks with a number of jurisdictions on the matter, but more recently he described Binance employees as 'remote-first'. Binance has been on Singapore's investor alert list since 2021. A company spokesperson said the firm is committed to respecting local policies and regulations worldwide, without elaborating on its presence in the city-state. Crypto entities that make use of Singapore-based teams 'to support offshore operations without clear service delineation' is another grey area, said Grace Chong, head of financial regulatory practice in Singapore at Drew & Napier. The MAS may assess such arrangements on a case-by-case basis, she added. BLOOMBERG
Yahoo
2 days ago
- Business
- Yahoo
Singapore order leads unlicensed crypto exchanges to weigh exit
By Suvashree Ghosh (Bloomberg) — A final warning from Singapore's regulator has prompted major crypto exchanges operating in the country without a permit to plan for a hasty exit. Bitget and Bybit – top-10 exchange operators by volume with a presence in Singapore but no local license – plan to reorganise their teams, according to people familiar with the matter. Bitget will shift staff to jurisdictions including Dubai and Hong Kong, while Bybit is weighing similar moves, said the people, who refused to be identified as the plans are confidential. Singapore is among Asia's foremost crypto hubs and a regional base for major global players such as Coinbase and But it still bears the scars of a string of local blow-ups from the last industry downturn in 2022. Even as it doles out licenses, authorities in the city-state have warned consumers against trading cryptocurrencies and restricted related advertisements. Other digital-asset firms in the country warn that hundreds of jobs could be at stake. The companies hit hardest by the MAS deadline are offshore exchanges. Collectively, such firms have a 'significant number' – in the hundreds – of staff based in Singapore, according to Arthur Cheong, founder and CIO of DeFiance Capital LLC. In its 30 May announcement, the Monetary Authority of Singapore (MAS) set a deadline of 30 June for crypto firms based in the city-state and offering services offshore to cease activities, refusing to allow transition time and warning that further licenses would be granted under 'extremely limited' circumstances. Firms with front-office functions including sales and business development based in Singapore or with customers located overseas both fall within the scope of the regulation, MAS said. 'It's quite severe,' said Patrick Tan, general counsel at ChainArgos, a blockchain intelligence firm that isn't affected by the notice. 'This is almost is as good as an evacuation procedure.' Representatives of Bitget and Bybit declined to comment on their plans. 'This move should also not come as a surprise to the industry as we have consistently communicated our position on such service providers on various occasions,' said an MAS spokesperson in response to questions from Bloomberg News. They added that licensed entities are not impacted by the new regulations. The recent notice from the MAS follows on from the Financial Services and Markets Act, passed in 2022, in which the watchdog had warned of a crackdown on unlicensed crypto companies. In a 6 June clarification, the MAS sought to quell industry concerns stemming from its 30 May announcement by specifying that only a 'very small' number of providers would be affected. But questions remain as to which firms must pay heed to the June 30 deadline. 'Calls are at all hours given the impact on businesses headquartered outside Singapore,' said Chris Holland, partner at Singaporean consulting firm HM. 'Queries range from regulated firms wanting to confirm there is no unexpected operational impact to offshore businesses needing to derisk their Singapore activities.' Crypto firms have a long history of leaving their base of operations ambiguous, posing challenges for would-be regulators. Binance Holdings Ltd., the world's largest digital-asset exchange, has never named a global headquarters. Its Chief Executive Officer Richard Teng said in 2024 that it had held talks with a number of jurisdictions on the matter, but more recently he described Binance employees as 'remote-first'. Binance has been on Singapore's investor alert list since 2021. A company spokesperson said the firm is committed to respecting local policies and regulations worldwide, without elaborating on its presence in the city-state. Crypto entities that make use of Singapore-based teams 'to support offshore operations without clear service delineation' is another gray area, said Grace Chong, head of financial regulatory practice in Singapore at Drew & Napier LLC. The MAS may assess such arrangements on a case-by-case basis, she added. More stories like this are available on ©2025 Bloomberg L.P.
Mint
2 days ago
- Business
- Mint
Singapore Order Leads Unlicensed Crypto Exchanges to Weigh Exit
(Bloomberg) -- A final warning from Singapore's regulator has prompted major crypto exchanges operating in the country without a permit to plan for a hasty exit. Bitget and Bybit — top-10 exchange operators by volume with a presence in Singapore but no local license — plan to reorganize their teams, according to people familiar with the matter. Bitget will shift staff to jurisdictions including Dubai and Hong Kong, while Bybit is weighing similar moves, said the people, who refused to be identified as the plans are confidential. Singapore is among Asia's foremost crypto hubs and a regional base for major global players such as Coinbase and But it still bears the scars of a string of local blow-ups from the last industry downturn in 2022. Even as it doles out licenses, authorities in the city-state have warned consumers against trading cryptocurrencies and restricted related advertisements. Other digital-asset firms in the country warn that hundreds of jobs could be at stake. The companies hit hardest by the MAS deadline are offshore exchanges. Collectively, such firms have a 'significant number' — in the hundreds — of staff based in Singapore, according to Arthur Cheong, founder and CIO of DeFiance Capital LLC. In its May 30 announcement, the Monetary Authority of Singapore set a deadline of June 30 for crypto firms based in the city-state and offering services offshore to cease activities, refusing to allow transition time and warning that further licenses would be granted under 'extremely limited' circumstances. Firms with front-office functions including sales and business development based in Singapore or with customers located overseas both fall within the scope of the regulation, MAS said. 'It's quite severe,' said Patrick Tan, general counsel at ChainArgos, a blockchain intelligence firm that isn't affected by the notice. 'This is almost is as good as an evacuation procedure.' Representatives of Bitget and Bybit declined to comment on their plans. 'This move should also not come as a surprise to the industry as we have consistently communicated our position on such service providers on various occasions,' said an MAS spokesperson in response to questions from Bloomberg News. They added that licensed entities are not impacted by the new regulations. The recent notice from the MAS follows on from the Financial Services and Markets Act, passed in 2022, in which the watchdog had warned of a crackdown on unlicensed crypto companies. In a June 6 clarification, the MAS sought to quell industry concerns stemming from its May 30 announcement by specifying that only a 'very small' number of providers would be affected. But questions remain as to which firms must pay heed to the June 30 deadline. 'Calls are at all hours given the impact on businesses headquartered outside Singapore,' said Chris Holland, partner at Singaporean consulting firm HM. 'Queries range from regulated firms wanting to confirm there is no unexpected operational impact to offshore businesses needing to derisk their Singapore activities.' Crypto firms have a long history of leaving their base of operations ambiguous, posing challenges for would-be regulators. Binance Holdings Ltd., the world's largest digital-asset exchange, has never named a global headquarters. Its Chief Executive Officer Richard Teng said in 2024 that it had held talks with a number of jurisdictions on the matter, but more recently he described Binance employees as 'remote-first'. Binance has been on Singapore's investor alert list since 2021. A company spokesperson said the firm is committed to respecting local policies and regulations worldwide, without elaborating on its presence in the city-state. Crypto entities that make use of Singapore-based teams 'to support offshore operations without clear service delineation' is another gray area, said Grace Chong, head of financial regulatory practice in Singapore at Drew & Napier LLC. The MAS may assess such arrangements on a case-by-case basis, she added. More stories like this are available on
Associated Press
19-03-2025
- Business
- Associated Press
Deelabs Debuts First Public Research Report: 'An Asymmetric Bet On Solana'
Deelabs, a crypto-native advisory firm specializing in ecosystem development with active public contributions to the governance of major protocols including Arbitrum, Optimism and Ethena has published a research report titled 'An Asymmetric Bet On Solana: The Case For Marinade.' The comprehensive analysis identifies Marinade Finance as potentially the most compelling asymmetric opportunity within the Solana ecosystem, highlighting the protocol's unique positioning to capture institutional capital flows through its non-custodial native staking solution. Prior to this publication, Deelabs had already established its reputation in the blockchain space, having been recognized and referenced by prominent industry figures including Arthur Cheong (Founder & CIO of DeFiance Capital), Andre Cronje (Co-Founder & Architect at Sonic Labs and Founder of Yearn Finance) and Zion Thomas (Ansem). The report has gained additional traction after being shared by Marinade Finance itself, further validating the firm's analytical approach. 'Our research approach and thesis formulation have been solidified through private research initiatives and analyses that delivered meaningful outcomes,' said a Deelabs spokesperson. 'While continuing our private research efforts, we're now expanding to share select insights with the broader community.' Deelabs' research arm has previously identified several notable early opportunities, including Virtuals at $100M fully diluted valuation (FDV), Aerodrome at $20M FDV, and Coinbase at a market capitalization of $17.5B—all of which reportedly validated the firm's analytical framework. The newly released report on Marinade Finance represents what Deelabs considers an asymmetric opportunity within the Solana ecosystem, offering detailed analysis of the protocol's technology, functionality, and market positioning. The research highlights several key findings: Despite controlling 14% of Solana's liquid staked tokens through mSOL and an additional 65% (267 million SOL) through its native staking solution, Marinade's low market capitalization and fully diluted valuation reflects a significant undervaluation compared to its competitors such as Jito * Marinade's non-custodial native staking solution uniquely positions it to capture institutional and government Solana holdings, offering enhanced security without sacrificing yield * The protocol delivers consistently higher APY (10.12%) compared to cits ompetitors while maintaining superior security and validator distribution * Strategic moves including joining the Solana Incubator in New York and hiring former Fidelity Digital Assets executive Hadley Stern signal an institutional focus that aligns with growing interest in Solana The report also examines imminent catalysts including potential Solana ETF approvals, the protocol's existing partnership with Bitwise for European staking products, ongoing governance proposals to enhance token utility, and the strategic positioning within the broader Solana DeFi ecosystem. As a result of its successful private research initiatives, Deelabs has received significant interest from institutional capital allocators, which has partially motivated the shift toward publishing select research pieces in a more public capacity. As an end-to-end service provider in the crypto space, Deelabs offers ecosystem development, growth marketing, research, operations support, software development and other services to enterprises, foundations, and DAOs building in the blockchain space. The firm emphasizes that while its research aims to highlight interesting initiatives and showcase analytical frameworks, all published materials should not be considered financial advice. About Deelabs: Deelabs is a crypto-native agency that helps large-scale enterprises, foundations, and DAOs scale, grow, and cultivate decentralized, onchain ecosystems. With expertise spanning governance, marketing, research, operations, and development, Deelabs has demonstrated success in increasing on-chain activity, governance participation, and developing effective funding initiatives across various ecosystems.
