Binance Keeps Remote Staff in Singapore Despite Crypto Licensing Crackdown: Report

2025-07-02 02:38:39

Main Idea

Binance plans to retain hundreds of remote workers in Singapore despite regulatory crackdowns, focusing on back-office functions to avoid direct scrutiny.

Key Points

1. Binance reportedly plans to keep hundreds of remote workers in Singapore, primarily engaged in back-office roles like compliance, HR, and data analysis.

2. The Monetary Authority of Singapore (MAS) has tightened regulations, but Binance's remote structure allows it to continue operations without a local license.

3. Over 400 Binance employees list Singapore as their location on LinkedIn, despite the company being on MAS’ Investor Alert List since 2021.

4. Binance’s remote work model helps it avoid direct regulatory scrutiny while serving customers outside Singapore under the Financial Services and Markets Act 2022.

5. Other exchanges like Bitget and Bybit are reconsidering their operations in Singapore due to the new regulatory environment.

Description

Binance reportedly plans to retain hundreds of remote workers in Singapore, even as the city-state moves to tighten rules on digital-asset firms offering services overseas without a license. The Monetary Authority of Singapore (MAS) has given crypto firms incorporated locally but targeting offshore markets until June 30 to either secure a license or halt operations. The directive, aimed at strengthening regulatory oversight, has already prompted exchanges like Bitget and Bybit to consider reloca...

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