May and early June 2026 underscored the split-screen nature of crypto investing, where policy momentum can lift prices, but macro conditions and geopolitical risk can quickly overwhelm those gains. Bitcoin started the period with a move above $80,000, helped by institutional interest and progress on U.S. regulation. Within weeks, that optimism faded as investors repriced interest-rate expectations and risk appetite deteriorated, pulling prices back toward the low-to-mid $60,000s.

Below is a market-focused read of the key forces shaping the period, drawing on commentary from Moneyfarm’s portfolio team and the supporting market context described in that note. The takeaway is not that regulation or institutional adoption has stopped, but that crypto’s trading dynamics remain sensitive to the same macro variables that influence broader risk assets.

Bitcoin’s regulatory lift, then a fast reversal

The early phase of the rally coincided with a notable U.S. legislative milestone. The proposed CLARITY Act, intended to create a clearer framework for cryptocurrencies and outline regulator responsibilities, cleared the Senate Banking Committee on May 14. The approval was followed by a short-lived jump in Bitcoin price action, according to the note, with the asset briefly moving near $81,965.

Yet the move also faced skepticism from on-chain and market-structure observers. CryptoQuant, as cited in the note, suggested that the rise into the upper-$70,000 range appeared driven largely by speculative activity rather than broad, sustained spot demand. In other words, the market may have been responding to headlines faster than it was building durable, day-to-day accumulation.

By the end of May, the pattern became harder to defend. Bitcoin ended May around $73,500, down roughly 3.7% for the month, after backing away from earlier intramonth highs. Ethereum closed near $2,100, remaining below an April peak around $2,460. Bitcoin dominance held at approximately 58%, consistent with a market period commonly referred to as “Bitcoin Season.”

Rates and geopolitics reassert crypto’s “high-beta” role

Macro factors took center stage in the run-up to June. The note describes three overlapping developments: a new Federal Reserve (Fed) chair, the breakdown of a ceasefire, and a shift away from expectations for rate cuts. The incoming chair, Kevin Warsh, was confirmed May 13 by a narrow margin, and sworn in May 22. While the note characterizes him as unusually crypto-literate, the immediate market reaction still hinged on rate math.

Warsh inherited a policy environment where inflation pressures remained, oil was elevated, and bond yields were higher. By early June, traders were pricing in a higher probability of no rate cuts in 2026, and the note says some positioning reflected the possibility of hikes. Bitcoin, the note adds, tracked the repricing closely, slipping from around the low $80,000s in mid-May to the low $60,000s.

Geopolitics then acted as an accelerant. The note points to renewed escalation involving Iran, including strikes launched June 3 associated with attacks in and around Kuwait International Airport and other regional targets. In the narrative, leveraged positions were liquidated within hours, and Bitcoin fell below $65,000, reaching roughly $61,351 by early June. A key interpretive point for market participants is that crypto’s drawdown was described as steeper than equities in that episode, reinforcing the idea that crypto still trades as a high-volatility risk asset during acute shocks rather than behaving as a hedge.

The broader sentiment indicators in the note also moved in the same direction. The Crypto Fear and Greed Index dropped to 23, classified as “Extreme Fear,” and total crypto market capitalization fell from about $2.53 trillion in mid-May to roughly $2.25 trillion by early June.

Policy progress, but implementation is still ahead

Even with the CLARITY Act clearing a key committee vote, the practical timeline remains a constraint. The note describes the bill as assigning the CFTC exclusive jurisdiction over digital commodities and requiring stablecoin issuers to maintain a 1:1 reserve mandate. It also highlights that passage still depends on additional Senate floor votes, with the ethics provision regarding officials’ crypto holdings described as a central unresolved obstacle.

According to the note, the White House is targeting a July 4 signing, but enforceable rules would not be expected before 2027 regardless. That distinction matters for markets because “headline approval” can drive short-term price reactions, while the actual regulatory operating environment tends to take longer to crystallize.

On-chain and derivatives signals stayed mixed

The note describes a mixed picture in activity and supply indicators. Daily active wallets were cited at roughly 531,000, with new wallet creation around 203,000, the lowest levels in about two years. At the same time, exchange reserves were said to have reached multi-year lows earlier in May. Those signals can be consistent with different interpretations, such as more selective retail participation, profit-taking, or shifts in how traders move coins.

On the derivatives side, the note references a June 1 product development: the Chicago Mercantile Exchange launched Bitcoin volatility futures. For institutional markets, volatility contracts can help with hedging and risk management, though they do not necessarily stabilize spot prices on their own. The broader context is that crypto market plumbing continued to evolve while spot demand appeared less consistent than the early rally suggested.

ETF flows flipped, changing the “floor” narrative

Perhaps the clearest shift in the period described in the note concerns spot Bitcoin ETF flows. The market had seen a strong run earlier, with a six-week inflow streak through April, and total spot Bitcoin ETF net assets crossing $100 billion. But that supportive backdrop deteriorated starting around May 20.

The note says ETFs recorded ten consecutive days of net outflows totaling about $3 billion, with more than 40,000 bitcoin leaving the products. It also cites a weekly outflow around late May of approximately $1.47 billion, characterized in the note as the largest of 2026. By early June, year-to-date flows were described as negative at around -$3.1 billion.

For traders, this matters because ETF flows have increasingly functioned as a visible, capital-access channel. When inflows turn to outflows, the market’s ability to absorb selling pressure can weaken, especially during periods when macro uncertainty is already rising.

What investors are watching next

The Moneyfarm commentary concludes that the situation remains fluid, with the regulatory path, Fed transition, and geopolitical risk all contributing to a fast-changing environment. It also notes that investor attention may be rotating toward other high-risk themes, including the broader pull of technology and IPO-related capital, citing SpaceX’s IPO as an example of competition for speculative interest.

For crypto markets, the near-term focus will likely remain on the interaction between macro policy expectations and the direction of ETF flows. Regulation remains a medium-term tailwind, but the period described here shows that for Bitcoin and Ethereum, price momentum can hinge just as much on interest-rate pricing, leverage conditions, and global risk sentiment as on legislative progress.

Investing in crypto involves a high level of risk. The value of investments can go down as well as up, and investors may not get back the amount originally invested. Past performance does not guarantee future results. This article is for informational purposes only and does not constitute investment advice.

Prediction market platform Kalshi has partnered with StarCompliance to give financial institutions real-time visibility into employee trading activity as it expands efforts to address insider trading concerns and attract institutional participants.

According to a Barron’s report, employees at firms using StarCompliance will be able to link their Kalshi accounts to compliance systems that monitor trades and flag potentially suspicious activity. 

The arrangement allows employers to oversee prediction market participation in much the same way they already supervise employee trading in stocks and derivatives.

The partnership comes days after Kalshi introduced new compliance controls across its platform, including employer disclosure requirements for traders participating in markets considered more vulnerable to insider trading. 

Earlier this month, the company said it had conducted more than 150 investigations, blocked over 100 suspected insider-trading attempts, and referred 20 cases to law enforcement during the first quarter of 2026.

According to the companies, financial institutions face new risks as prediction markets become more popular because employees may attempt to profit from material nonpublic information through event-based contracts. 

StarCompliance said its software will help firms monitor activity on Kalshi and enforce internal compliance policies.

Explaining how the system works, Kelvin Dickenson, chief product officer at StarCompliance, said firms can permit employee participation while requiring account disclosure. 

Dickenson said the framework allows employers to tell staff, “You can engage in this activity, but in order to engage in this activity you have to disclose your accounts to me.”

For now, the arrangement focuses on monitoring transactions after accounts are connected. Dickenson told Barron’s that additional controls could be introduced later if clients request them, including requirements for employees to obtain approval before placing prediction market trades.

Compliance measures expand as institutional interest grows

Recent moves suggest Kalshi is putting compliance infrastructure at the center of its push into traditional finance.

Speaking to Barron’s, Max Crowley, vice president of business development at Kalshi, said the company is “obsessed with compliance” and described strong monitoring systems as a basic requirement for working with major financial institutions.

Crowley said the StarCompliance integration emerged after discussions with a large New York hedge fund that wanted to hedge risk through a Kalshi institutional account but could not participate because the platform lacked a StarCompliance connection. 

Recalling the conversation, Crowley said the fund’s response was, “You don’t have an integration with StarCompliance.”

The latest announcement follows several steps Kalshi has taken to strengthen oversight. Alongside employer disclosures for higher-risk markets, the company recently launched a whistleblower reporting channel and introduced a risk-scoring process for every proposed market before listing.

Pressure on prediction markets has intensified following a series of alleged insider-trading cases across the sector. 

Earlier this month, NPR reported that the U.S. Department of Justice and the Commodity Futures Trading Commission were investigating former U.S. Representative George Santos after Kalshi detected suspicious trading tied to a market involving President Donald Trump’s State of the Union address. 

The company froze the account and referred the matter to authorities, according to NPR.

Federal prosecutors have also pursued separate cases involving trading activity on prediction market platform Polymarket. 

One case involved a U.S. Army Special Forces soldier accused of using classified information to place trades related to former Venezuelan President Nicolás Maduro, while another involved a Google software engineer accused of using confidential company information to trade Google-related contracts.

For years, the crypto industry has been driven by narratives.

From ICOs and DeFi Summer to NFTs, GameFi, the Metaverse, AI tokens, and memecoins, markets have repeatedly chased stories that promised future growth. Capital flowed toward attention, speculation, and potential rather than measurable business performance.

But the industry is evolving.

As crypto matures, a new narrative is emerging—one that may prove more durable than any trend cycle before it:

Revenue is the new narrative.

The Shift From Hype to Fundamentals

In traditional finance, companies are often evaluated based on revenue, profitability, cash flow, and long-term sustainability. Crypto, however, spent much of its early history prioritizing network growth, token distribution, and community expansion over actual economic output.

This approach made sense during the industry’s formative years. Protocols needed users, developers, liquidity, and network effects before they could focus on monetization.

Today, many blockchain networks have achieved scale. The question investors are increasingly asking is no longer:

“How many users does this protocol have?”

Instead, they are asking:

“How much value does this protocol generate?”

This subtle shift represents one of the most important transitions in digital asset markets.

Why Revenue Matters

Revenue demonstrates that a product solves a real problem for real users.

When individuals or institutions repeatedly pay fees to use a protocol, it creates tangible economic activity rather than speculative demand alone.

Revenue-generating protocols often possess:

• Sustainable business models
• Strong product-market fit
• Loyal user bases
• Defensible network effects
• Long-term growth potential

While revenue does not guarantee success, it provides a measurable signal that users find value in a platform’s services.

In an industry often criticized for speculation, revenue offers a foundation grounded in actual utility.

The Rise of On-Chain Businesses

One of crypto’s most fascinating developments is the emergence of fully on-chain businesses.

Decentralized exchanges generate trading fees.

Lending protocols earn interest spreads.

Infrastructure networks collect usage fees.

Stablecoin issuers generate treasury income.

Prediction markets monetize information flows.

Tokenized asset platforms create revenue from issuance and management services.

These businesses operate globally, transparently, and continuously, often with financial metrics visible in real time.

Unlike traditional companies that report earnings quarterly, blockchain protocols frequently provide open access to their economic performance.

This transparency allows investors to evaluate projects using objective data rather than relying solely on marketing narratives.

Revenue and Token Valuation

The growing focus on revenue is also changing how market participants evaluate tokens.

Historically, token valuations often depended on future expectations:

• Potential adoption
• Partnership announcements
• Ecosystem growth
• Narrative momentum

Today, investors increasingly examine:

• Protocol revenue
• Fee generation
• Treasury growth
• Token buyback mechanisms
• Value accrual models
• Economic sustainability

Projects that successfully connect protocol revenue to token holder value may attract greater long-term investor confidence.

As markets become more sophisticated, financial performance is becoming a larger component of token analysis.

The Era of Productive Capital

Another reason revenue is gaining importance is the changing nature of capital allocation.

During periods of abundant liquidity, speculative assets can thrive regardless of fundamentals.

As markets mature, however, investors become more selective.

Capital increasingly flows toward protocols that generate measurable economic activity rather than simply promising future growth.

This creates a feedback loop:

Strong products generate revenue.

Revenue attracts investors.

Investment funds expansion.

Expansion generates additional revenue.

Protocols capable of sustaining this cycle may become the dominant digital businesses of the next decade.

Beyond Revenue: Quality Matters

Not all revenue is created equal.

Sophisticated investors look beyond headline figures to evaluate:

• Revenue consistency
• User retention
• Revenue diversification
• Organic demand
• Cost efficiency
• Long-term scalability

A protocol that earns sustainable revenue from loyal users may ultimately outperform one that generates larger but highly volatile fee streams.

The quality of revenue is becoming just as important as the quantity.

What This Means for Crypto’s Future

The rise of revenue-focused investing signals a broader maturation of the digital asset industry.

Crypto is gradually transitioning from an experimental ecosystem driven primarily by narratives into an industry increasingly evaluated through business fundamentals.

Narratives will never disappear. Stories remain powerful drivers of innovation and capital formation.

However, the strongest narratives of the future may be those supported by measurable economic performance.

In the years ahead, attention alone may no longer be enough.

Protocols will need users.

Users will need products.

And products will need revenue.

The next generation of crypto winners may not simply be the projects with the loudest communities or the strongest narratives.

They may be the projects that generate real value, serve real customers, and produce sustainable revenue at scale.

Because in an increasingly mature digital economy, revenue is no longer just a metric.

Revenue is the narrative.

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Bitcoin miners face rising costs as AI computing and cloud mining models gain traction across the industry.

As the global digital asset industry enters a new cycle of development, U.S. Bitcoin mining companies are facing unprecedented operational pressure. Influenced by multiple factors, including the Bitcoin halving, rising electricity costs, accelerated equipment upgrades, and intensifying market competition, the profit margins of traditional mining enterprises continue to be squeezed. Industry analysts point out that under the current environment, how to improve computing power utilization efficiency, reduce operating costs, and achieve stable returns has become a topic of common concern across the entire industry.

At the same time, AI-powered computing power and cloud mining models are rapidly emerging, becoming a new area of interest for an increasing number of investors and digital asset holders.

U.S. mining companies face profit pressure as the industry accelerates its search for transformation

Since Bitcoin completed its latest halving, the block rewards received by miners have been further reduced. At the same computing power level, the revenue of mining companies has been directly affected.

At the same time, electricity prices continue to rise in certain regions of the United States, leading to steadily increasing operating costs for large-scale mining facilities. In addition to electricity expenses, traditional mining companies must also continuously invest in equipment procurement, mining machine maintenance, cooling system construction, and personnel management costs.

Industry experts believe that future competition in the mining industry will increasingly focus on operational efficiency and intelligent management capabilities. Platforms that can reduce costs and improve computing power utilization through technological innovation will possess stronger market competitiveness.

Against this backdrop, AI-powered computing power management systems and cloud mining models are gradually gaining increasing attention from the market.

AI Cloud computing power is transforming traditional mining models

Unlike traditional mining farm models, cloud mining provides users with a more convenient way to participate in digital assets through centralized computing power resource management.

As one of the global intelligent computing power platforms for digital assets, Ei Crypto integrates global computing power resources through its AI-powered scheduling system, enabling 24/7 automated operation. Users do not need to purchase mining machines, bear electricity costs, or possess professional technical experience to participate in digital asset cloud computing power services.

The platform supports a variety of mainstream digital assets, including:

• BTC
• ETH
• XRP
• USDT 
• LTC
• BCH
• USDC

Users only need to select a computing power plan that suits their needs, and the system will automatically complete computing power allocation, earnings calculation, and operational management.

Ei crypto platform advantages gain market attention

As the digital asset industry gradually matures, investors are placing higher demands on platform security, stability, and transparency.

Ei Crypto continues to improve its platform infrastructure and adopts a multi-layered security protection system:

• AI-powered risk control system for real-time monitoring of abnormal activities
• Cold wallet storage mechanism to ensure asset security
• SSL data encryption technology to protect user information
• Multi-factor authentication (2FA)
• Third-party security audit mechanism
• Global server deployment
• 24/7 customer service support

Through its intelligent management and secure operational framework, the platform provides global users with a more stable digital asset service experience.

Getting started with Ei Crypto cloud computing power services

Step 1: Register an Account

Visit the official Ei Crypto website to complete the registration.

New users can receive a $15 trial reward after registration and can also claim a $0.60 daily check-in reward by logging in each day.

Step 2: Deposit Digital Assets

The platform supports deposits of a variety of mainstream digital assets, including:

• BTC
• ETH
• USDT
• XRP
• LTC
• USDC
• BCH

After completing the deposit, users can participate in the cloud computing power program.

Step 3: Choose a computing power plan

Ei Crypto offers a variety of computing power plans based on different user needs.

Sample Plans:

Starter Plan
$100 — 2-day term — Total earnings of approximately $108

Stable Plan
$1,200 — 10-day term — Total earnings of approximately $1,362

Advanced Plan
$5,000 — 20-day term — Total earnings of approximately $6,500

Long-Term Plan
$27,000 — 30-day term — Total earnings of approximately $43,200

After making a selection, the platform will automatically activate the computing power service. The system operates around the clock, and users can monitor their earnings in real time and choose to withdraw or continue reinvesting based on their personal needs.

AI cloud computing power becomes a new trend in the digital asset market

As profit margins in the traditional mining industry continue to shrink, the industry is accelerating its development toward intelligence, automation, and lower barriers to entry.

An increasing number of BTC holders have stated that, compared with simply waiting for market prices to rise, participating in digital asset earning programs through AI-powered cloud computing can further improve asset utilization efficiency and generate continuous returns during the holding period.

Industry analysts believe that, as artificial intelligence technology continues to integrate with digital asset infrastructure, AI cloud computing power is expected to become an important component of the global digital asset ecosystem and provide more investors with more flexible and efficient earnings management solutions.

Conclusion

In the face of continued profit pressure on U.S. mining companies and intensifying industry competition, AI-powered cloud computing and cloud mining models are attracting increasing attention from more and more market participants.

Through its AI-powered computing system, global resource integration capabilities, and comprehensive security protection framework, Ei Crypto provides users with a more convenient and efficient digital asset earnings solution. For investors who wish to continue creating value while holding digital assets, AI cloud computing is gradually becoming a new option worthy of attention.

For more information, visit the official website and download the mobile app.

CoinMENA, a cryptocurrency exchange operating in the United Arab Emirates, has signed a banking agreement with Standard Chartered to enhance how customers move between crypto and fiat. The deal is designed to strengthen fiat payment infrastructure, with Standard Chartered set to support key functions including on- and off-ramps and transaction management through virtual account arrangements.

In a separate development, Bloomberg reports that the Central Bank of the UAE has approved Revolut’s applications for Stored Value Facilities and Retail Payment Services licenses—another sign that mainstream fintech is preparing for deeper involvement in the UAE’s regulated financial landscape, even as questions remain about whether digital-asset services will be included at launch.

Key takeaways

• CoinMENA says Standard Chartered will support fiat on- and off-ramps, client money accounts, and virtual-account transaction management in the UAE.
• The exchange frames the partnership as a way to improve transparency and liquidity settlement with approved global counterparties.
• CBUAE approval of Revolut’s Stored Value Facilities and Retail Payment Services licenses indicates regulatory progress for broader fintech payments in the UAE.
• Revolut’s reported licenses cover payments and stored value; they do not amount to a clear, explicit green light for digital-asset trading or related services.

CoinMENA links fiat rails to Standard Chartered

CoinMENA announced that it has entered a banking agreement with Standard Chartered, aiming to “strengthen fiat payment infrastructure” for customers in the UAE. According to a press release shared with Cointelegraph, the exchange will use Standard Chartered to facilitate fiat on- and off-ramps as well as client money accounts.

The agreement also covers virtual account-based transaction management, which CoinMENA says is intended to bring more structured handling of transfers. The exchange believes this will help improve transparency and liquidity settlement when transacting with approved global counterparties.

The move comes as the UAE’s digital asset ecosystem continues to mature and attract more institutional participation. For many exchanges, reliable access to regulated banking infrastructure is increasingly treated as a prerequisite for scaling fiat volumes, reducing operational friction, and meeting compliance expectations tied to customer funds handling.

Standard Chartered emphasizes the UAE’s regulatory pull

Standard Chartered UAE, Middle East and Pakistan CEO Rola Abu Manneh said in the announcement that the UAE has positioned itself as a leading regulatory environment for digital assets. She suggested this creates collaboration opportunities for financial institutions and regulated firms.

That emphasis matters because crypto firms increasingly rely on bank partnerships not just for payment convenience, but for settlement reliability and compliance processes that can be difficult to replicate through non-bank alternatives. In this context, CoinMENA’s choice to anchor parts of its fiat flow around a major global bank reflects a broader trend in which exchanges seek “bank-grade” rails as they expand.

CoinMENA co-founders Dina Sam’an and Talal Tabbaa underlined the strategy in a joint statement, arguing that the industry’s future hinges on banking, regulatory, and operational foundations—not solely on technology.

Why bank agreements are becoming a competitive lever

For UAE-based exchanges, fiat rails are often the difference between frictionless onboarding and a payment process that can be slow, inconsistent, or difficult to scale. While the press release does not quantify outcomes such as reduced settlement time or improved throughput, it does outline the operational components involved: fiat on- and off-ramps, client money accounts, and virtual account transaction management.

These elements are particularly relevant for exchanges that want to attract a wider range of users, including those who prefer predictable banking workflows and clear custody or segregation practices for customer funds. The pledge of “improved transparency” also suggests that CoinMENA views clearer transaction handling and settlement processes as critical to trust and compliance.

Investors and users should watch how partnerships like this translate into day-to-day experience—such as deposit and withdrawal reliability, the smoothness of conversion flows, and whether settlement with counterparties becomes more consistent as volumes grow. Over time, exchanges with stronger banking connectivity may be better positioned to handle institutional-level demand that depends on dependable fiat processing.

Revolut’s UAE licenses signal wider payments expansion

Separately, Bloomberg reports that the Central Bank of the UAE has approved Revolut’s applications for Stored Value Facilities and Retail Payment Services licenses. The report frames this as the fintech moving closer to a UAE launch, with Revolut reportedly planning to build out technology, operations, and local capabilities before it makes its services available.

Bloomberg also notes that UAE users are expected to receive multi-currency accounts, physical and virtual cards, and domestic and international transfers through Revolut’s app. The combination of stored value and retail payment services indicates a focus on payments infrastructure and consumer financial utility rather than a direct digital-asset platform at the outset.

At the same time, the scope of authorization remains a key point for readers. The licenses approved in the report relate to stored value and retail payment services, not an explicit waiver for “virtual asset” activity. Revolut has not publicly confirmed—per Bloomberg’s reporting—whether its UAE offering will include digital asset trading, transfers tied to crypto, staking, or access to its Revolut X exchange.

Cointelegraph reached out to Revolut for comment but did not receive a response before publication, leaving details about a possible digital-asset component uncertain.

Bloomberg also reports that Revolut is considering additional expansion across the Middle East and North Africa, including Turkey and Morocco. If so, the UAE could become a test case for how rapidly the firm scales regulated payments in the region ahead of any expanded service offerings.

What to watch next in the UAE’s regulated finance build-out

These two developments—CoinMENA’s banking agreement with Standard Chartered and Revolut’s central bank licensing progress—highlight the UAE’s push toward deeper integration between regulated banking rails and digital finance services. The immediate questions for market participants are whether CoinMENA’s fiat improvements translate into measurable user and liquidity outcomes, and whether Revolut’s UAE rollout stays strictly within payments or eventually broadens into explicitly licensed digital-asset functions.

Singapore’s Monetary Authority has added Bybit to its Investor Alert List, placing one of the world’s largest crypto exchanges alongside other platforms that are not licensed to offer regulated services to users in the city-state.

According to the Monetary Authority of Singapore (MAS), Bybit Fintech Limited and its trading platform were added to the Investor Alert List on June 17. The regulator said the list identifies entities that may be wrongly perceived as being licensed, authorized, or otherwise regulated by MAS.

Unlike an enforcement action or operating ban, the Investor Alert List serves as a public warning tool. MAS noted that the list is not exhaustive and is compiled based on information available at the time of publication. Bybit’s entry includes the exchange’s main website.

Founded by Singaporean entrepreneur Ben Zhou, Bybit has grown into the second-largest crypto exchange by trading volume globally. Despite those roots, the company already restricts Singapore users under its terms of service and has implemented measures such as geo-blocking local IP addresses.

Singapore requires firms offering digital payment token services to obtain authorization under the Payment Services Act. Exchanges that operate without the necessary approvals risk regulatory action if they solicit or serve local residents.

Singapore maintains pressure on licensed and unlicensed firms

For local investors, MAS continues to direct users to its Financial Institutions Directory to verify whether a platform holds the appropriate licenses before using its services.

The latest warning comes as Singapore maintains a strict compliance stance across the crypto sector. In May, MAS revoked the Major Payment Institution licence of Bsquared Technology after finding false or misleading statements and identifying significant weaknesses in risk management, conflict-of-interest controls, and outsourcing arrangements. The regulator also said it was reviewing whether senior officers at the firm could bear personal responsibility for the breaches.

That case stood out because Bsquared had already obtained regulatory approval before losing its licence. Together with warnings directed at unlicensed platforms, the move underscored MAS’s focus on investor protection and compliance oversight.

Elsewhere, the regulator has continued to approve firms that meet its standards. Recent approvals for crypto infrastructure providers such as BitGo have highlighted the high compliance threshold required to operate in Singapore’s regulated market.

No disruption to Bybit’s global operations has been reported following the Singapore listing. The exchange continues to offer trading services, token listings, proof-of-reserves disclosures, and other products in jurisdictions where it is permitted to operate.

Bybit had not issued a public statement on the MAS listing at the time of publication and did not immediately respond to a request for comment.

MAS’s action also follows a different regulatory outcome for Bybit in Malaysia. In April 2026, the exchange was removed from the country’s investor alert list after engaging with local regulators and addressing compliance concerns.

Bybit expands products while facing regulatory scrutiny

Outside Singapore, Bybit has continued to broaden its product lineup and compliance efforts.

Just days before the MAS alert, Bybit partnered with Plume to launch institutional fixed-income vaults through the exchange’s real-world asset section. The offering allows users to deploy stablecoins into products linked to traditional fixed-income instruments associated with PIMCO and China Merchants Bank International.