Singapore's cryptocurrency warning drives exchanges to flee

Singapore has recently implemented a crackdown on regulations for foreign digital asset companies, leading many major cryptocurrency exchanges like Bitget and Bybit to prepare to leave the country. The Monetary Authority of Singapore (MAS) has required cryptocurrency companies operating in Singapore that serve foreign customers to cease operations before June 30, with a directive prohibiting any forwarding arrangements.

This decision has caused confusion for many companies with large teams in the local area, with hundreds of jobs potentially at risk. Exchanges like Binance are also feeling pressure from regulations. In this context, Dubai, Hong Kong, and Australia are emerging as alternative options for cryptocurrency companies that are forced to adapt or leave Singapore.

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