Binance confirms it will keep hundreds of remote workers in Singapore, as new crypto rules target offshore service providers but have minimal impact on the exchange’s local operations.
Binance, the world’s largest cryptocurrency exchange, plans to retain its remote workforce in Singapore, despite a regulatory crackdown by the city-state on unlicensed digital asset firms serving offshore clients.
The Monetary Authority of Singapore (MAS) imposed a June 30 deadline for crypto firms incorporated in Singapore and offering services to overseas customers to cease such activities unless licensed. The move has already prompted several top-ten exchange operators, including Bitget and Bybit, to consider relocating staff outside the country.
However, sources familiar with the matter say the new regulations are expected to have little impact on Binance’s operations in Singapore. Hundreds of employees based in Singapore, who work remotely for the exchange, are not required to relocate, the sources added.
An analysis by Bloomberg News indicates that more than 400 Binance employees list Singapore as their location on LinkedIn. When contacted, Binance declined to comment on its operations in Singapore or clarify whether the company maintains a formal office there.
For years, crypto exchanges like Binance have kept their base of operations deliberately ambiguous, posing challenges for regulators worldwide. Binance itself has never officially declared a global headquarters. Its Chief Executive, Richard Teng — a former director at MAS — acknowledged in 2024 that the company had held discussions with several jurisdictions regarding a possible base, but in January this year, he described Binance as a “remote-first” organisation.
In response to industry concerns, MAS clarified on June 6 that digital asset firms offering services solely to customers outside Singapore would need a licence from June 30 or cease regulated activities altogether. Binance, which has been on Singapore’s investor alert list since 2021, is not licensed to solicit customers within the city-state.
Despite this, sources suggest Binance’s Singapore-based employees remain unaffected by the recent regulatory tightening, as they largely focus on functions such as compliance, human resources, technology, and data analysis. Their remote work arrangements further insulate them from the latest MAS requirements.
Under Singapore’s Financial Services and Markets Act (FMSA) 2022, individuals or entities operating from a place of business in Singapore or incorporated in the country and providing digital token services to offshore customers fall under the new licensing rules. However, the MAS clarified that work performed by employees residing in Singapore for a foreign-incorporated company serving offshore clients would not automatically trigger licensing obligations.
“Place of business is a grey area,” said Chris Holland, a partner at Singapore consultancy HM. “The definition is broad under the FMSA. While the term has boundaries, I wouldn’t advise firms to rely exclusively on that to employ people in Singapore assuming they’re outside the scope of the new rules.”
Singapore has long been regarded as a leading crypto hub in Asia, attracting global players such as Coinbase and OKX to establish regional bases. However, the city-state’s reputation suffered during the 2022 crypto downturn, marked by the collapse of major firms like Three Arrows Capital, a hedge fund that imploded following failed investments.
With the new regulations now in place, Singapore’s status as a crypto centre faces fresh uncertainty. The June 30 deadline has sparked concerns of a potential exodus from the sector.
“There’s lots of uncertainty on Singapore’s stance on crypto,” said Raagulan Pathy, co-founder of stablecoin startup Kast.
Kast, incorporated in the Cayman Islands, has hired 100 employees in the past year and had initially planned to move internal operations staff, traders, and executives to Singapore, with plans to hire an additional 30 to 50 people locally. However, Pathy has now shifted plans to establish Kast’s global office in Dubai.
While he has no intention to relocate personally, Pathy admitted the regulatory uncertainty has forced him to “make hard choices about where to locate offices for Kast.”
