Bitget & Bybit Eye Singapore Exit After License Crackdown — What’s Their Next Crypto Haven?

Crypto giants Bitget and Bybit are packing their bags—Singapore’s regulatory squeeze just got real. With licenses on the line, these exchanges are scouting fresh turf. Where next? Dubai’s sandbox? Switzerland’s crypto valleys? Or maybe a tropical island with laxer rules (and better tax breaks)?

Regulatory whack-a-mole continues as Asia’s crypto hubs play musical chairs. One thing’s clear: when the compliance heat rises, exchanges don’t adapt—they relocate. Classic finance, just with more VPNs.

Focus Shifts to Dubai and Hong Kong

Bloomberg reported Thursday that Bitget is already making plans to MOVE staff out of Singapore.The company will reassign team members to Dubai and Hong Kong, where licensing frameworks are more open to crypto firms.

Bybit is reportedly exploring similar options, although it has not confirmed its next steps.

Dubai and Hong Kong have become magnets for digital asset platforms looking to navigate tightening rules elsewhere. Dubai’s VIRTUAL Asset Regulatory Authority has granted licenses to more than 20 firms, including Binance and Bybit, under a regime that offers tax advantages and regulatory clarity.

Hong Kong, with its emphasis on cross-border interoperability and traditional finance infrastructure, has also drawn interest as it ramps up its digital asset initiatives.

With Rules Tightening, Crypto Firms Weigh Exit from Once-Friendly Shores in Singapore

Singapore, once viewed as Asia’s crypto haven, has adopted a more cautious stance in the wake of the 2022 market downturn that saw the collapse of local platforms like Three Arrows Capital and Hodlnaut.

While the country continues to issue crypto licenses, authorities have limited advertising, warned retail investors, and imposed new controls on firms operating from within its borders.

The MAS decision has sparked concern among industry insiders, with some warning that the clampdown could lead to significant job losses and diminish Singapore’s position in the global crypto economy.

For now, firms with unlicensed overseas operations are scrambling to comply or relocate, signaling a shift in the region’s balance of crypto power.