Binance plans to keep hundreds of remote employees in Singapore despite new rules from MAS targeting offshore crypto service providers, as back-office operations remain largely unaffected.
Binance, the world’s largest digital asset exchange, intends to retain its remote workforce in Singapore, even as the city-state enforces a regulatory crackdown on unlicensed cryptocurrency companies operating offshore.
The Monetary Authority of Singapore (MAS) has introduced new rules requiring crypto firms incorporated in Singapore and providing services to customers outside the country to cease such activities unless licensed. The hard deadline for compliance was set for June 30, leading major exchanges like Bitget and Bybit to consider relocating staff.
Despite these developments, sources familiar with Binance’s operations have indicated that the new regulations are expected to have little impact on the company’s activities in Singapore. According to those sources, who requested anonymity, hundreds of Binance employees based in the city-state and working remotely will not be required to relocate.
Bloomberg News analysis of LinkedIn profiles suggests that more than 400 individuals identify as Binance employees based in Singapore. The company has declined to comment on its local operations or confirm whether it maintains a formal office in the city-state.
MAS, in response to queries, referred to its previous public statements regarding the new rules.
For years, the crypto industry has presented regulatory challenges due to the often ambiguous nature of companies’ global operations. Binance, in particular, has never formally declared a global headquarters. Its chief executive, Richard Teng — himself a former director at MAS — said in 2024 that the company had explored the possibility of establishing a headquarters in various jurisdictions. By January 2025, however, Teng described Binance as a “remote-first” organisation.
In a clarification issued on June 6, MAS confirmed that digital asset firms serving exclusively offshore clients must either obtain a licence or cease regulated activities from June 30. Binance, which is not licensed in Singapore and has been on the city-state’s investor alert list since 2021, is prohibited from soliciting local customers.
Nevertheless, Binance employees in Singapore are seen as insulated from the latest regulations. Sources explained that the workforce focuses primarily on back-office functions such as compliance, human resources, technology, and data analysis — activities that fall outside the remit of MAS’s new rules. Their remote work status, without a permanent office, further shields them from regulatory scrutiny.
MAS has emphasised that individuals or entities operating from a “place of business” in Singapore and offering digital token services to overseas customers are subject to the new licensing requirements. However, work performed by employees in Singapore on behalf of a foreign-incorporated company that serves offshore clients “would not, in itself, attract a licensing requirement” under the Financial Services and Markets Act (FSMA) 2022.
Still, some industry experts have warned of uncertainties surrounding the definition of “place of business.”
“‘Place of business’ is a grey area,” said Chris Holland, a partner at Singapore-based consultancy HM. “The definition under the FSMA is broad. While there are boundaries, I would not encourage firms to employ Singapore residents and rely solely on that definition to assume they are outside the scope of the new rules.”
Singapore has long positioned itself as a major crypto hub in Asia, attracting global players such as Coinbase and OKX to establish regional bases. However, recent regulatory developments have prompted some companies to reconsider their operations in the city-state.
Cayman Islands-based stablecoin start-up Kast, for instance, had initially planned to relocate operations staff, trading teams, and executives to Singapore while expanding its workforce locally. Now, co-founder Raagulan Pathy has announced plans to set up Kast’s global office in Dubai instead.
Pathy, a 12-year resident of Singapore, stated that while he has no intention to move personally, the company faces “hard choices about where to locate offices for Kast” amid regulatory uncertainty.
