Binance to retain Singapore staff despite crackdown on crypto
Binance to retain remote Singapore staff despite tighter MAS rules
Binance is set to maintain hundreds of remote staff in Singapore, even as the Monetary Authority of Singapore (MAS) tightens rules on unlicensed crypto operations.
The company anticipates minimal operational disruption, as the majority of its Singapore-based employees work in internal support functions such as compliance, HR, and data analytics, which do not directly involve customer interactions, reports Cryptopolitan.
This strategic arrangement allows Binance to sidestep MAS’s new regulations, which focus on crypto firms offering services to international clients while operating from Singapore without local licenses.
New MAS rules push other exchanges to relocate
The MAS recently introduced strict regulatory guidelines effective June 30, requiring crypto firms in Singapore that serve offshore clients to either secure a license or cease operations. In response, major global exchanges like Bitget and Bybit are reportedly planning to relocate their teams to more crypto-friendly jurisdictions such as Dubai and Hong Kong. Although Singapore remains a prominent crypto hub in Asia, the tightening oversight follows the fallout from the 2022 market collapse, which affected several local firms. Despite these changes, Binance’s remote workforce remains largely unaffected, thanks to its decentralized structure and non-client-facing roles.
Remote staffing model shields Binance from regulatory risks
Binance’s reliance on remote roles, especially in compliance, technology, and analytics, has insulated the company from MAS’s latest licensing demands. Since being placed on Singapore’s investor alert list in 2021, Binance has been prohibited from serving local customers and promoting its services within the country. This arrangement ensures that its Singapore-based staff do not breach regulatory boundaries by engaging in restricted activities.
However, legal experts caution that Singapore’s Financial Services and Markets Act (FSMA) offers a broad interpretation of what constitutes a “place of business,” which could lead to future scrutiny of remote work setups. Still, Binance’s current decentralized, office-free model enables it to maintain a strategic presence in Singapore without triggering direct regulatory conflicts.
Recently we wrote that Grayscale ETF holding XRP, Solana, Cardano approved by SEC in major crypto fund milestone.
