Today, the community reported that Ben Zhou, co-founder and CEO of Bybit, and his wife Lily Dai recently donated 10 million Singapore dollars (approximately 7.8 million USD) to the Singapore American School (SAS), where their children study. The school has also built a new gymnasium named after Lily Dai, with rumors suggesting that many children of crypto leaders attend this American school.
As the news spread, the community immediately questioned whether this donation was related to accelerating reputation building and obtaining licenses, as Bybit previously had not secured a full operating license from the Monetary Authority of Singapore (MAS) and was rumored to be withdrawing from Singapore.
According to internal information and "informed sources", the donation is under Lily Dai's name and may have opened doors to the school board. This could be an example of a Web3 entrepreneur quickly establishing a foothold and social reputation in Singapore's educational ecosystem. However, there is currently no independently verifiable record of Lily Dai's board membership in public databases or search engines.
Ben Zhou Couple Deeply Rooted in Singapore
Since Singapore authorities require crypto businesses without regulatory licenses to dissolve by the end of June, and Bybit was previously rumored to be withdrawing, it is not surprising that Ben Zhou and his wife, who have established their family and business in the location, would donate to their children's school, even if Bybit currently has no need for licensed operation in Singapore.
Further Reading: Singapore Takes "Zero Tolerance" Stance Toward All Unregistered Crypto Companies, Must Withdraw by End of June
As regulatory agencies increasingly impose strict capital requirements and risk management on crypto platforms, the community generally believes that charitable donations and educational initiatives are "low-conflict" ways to gain favor with regulatory departments and local communities. Especially since rumors suggest Lily Dai is the founder of Lily Valley Kindergarten, a non-profit private institution providing rich educational experiences through play-based learning, which further strengthens community connections, though this identity also lacks independent verification.
