Despite Singapore tightening crypto regulations, Binance is reportedly keeping over 400 remote employees in the country. As other exchanges such as Bitget and Bybit are thinking of relocating their employees to foreign countries, Binance can remain in place due to its specific organizational structure.
According to a Bloomberg report, most of Binance’s Singapore-based staff work remotely in internal roles like compliance, tech, HR, and data analytics. These back-office functions don’t deal directly with customers, placing them outside the immediate scope of the new rules.
The Monetary Authority of Singapore (MAS) has ordered crypto firms incorporated in Singapore to either secure a license or halt overseas services by June 30. However, Binance, which has no official headquarters and calls itself “remote-first,” isn’t directly affected.
MAS clarified that remote workers based in Singapore do not trigger licensing requirements if they’re employed by a foreign firm serving non-Singapore customers. This exemption is part of the Financial Services and Markets Act 2022.
Although Binance has been on MAS’ Investor Alert List since 2021 preventing it from serving local users the company hasn’t fully exited Singapore. It continues to operate in a regulatory grey zone.
Binance has no official office, and hundreds of internal positions, and the company is not majorly disturbed by the changing regulations in Singapore. The case demonstrates the difficulty that regulators have with decentralized, borderless crypto companies.
Binance might have an important competitive edge as Singapore increases control, and being able to adapt quickly to these new circumstances can be a major benefit.
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