Binance, the world’s largest digital-assets exchange, is expected to maintain its remote workforce in Singapore despite new restrictions from the Monetary Authority of Singapore (MAS) targeting unlicensed crypto operations.
The MAS recently imposed a June 30 deadline for crypto firms incorporated in Singapore and offering offshore services to either secure a license or cease activities.
The move has prompted major players such as Bitget and Bybit — both among the world’s top ten exchanges — to consider relocating staff abroad to remain compliant with the updated framework.
However, the regulatory changes are unlikely to affect Binance’s operations in Singapore, according to people familiar with the company’s internal arrangements. The sources, who requested anonymity due to the sensitivity of the matter, said hundreds of Binance employees based in Singapore operate remotely and are focused mainly on back-office roles including compliance, data analytics, technology, and human resources.
A Bloomberg News review of LinkedIn profiles shows more than 400 Binance employees list Singapore as their location. Binance did not comment when asked about its operations or whether it maintains an office in the city-state.
The MAS clarified in early June that Singapore-incorporated entities providing digital token services exclusively to customers overseas must hold a valid license or halt activities.
However, individual employees working for foreign-incorporated firms that deliver such services offshore would not themselves trigger licensing requirements under Singapore’s Financial Services and Markets Act 2022.
This distinction allows Binance to maintain a sizable Singapore-based workforce without falling within the remit of the latest MAS rules, industry experts say. By operating a remote-first model and keeping its corporate structure outside Singapore, the company sidesteps local licensing obligations while leveraging the city’s talent pool.
“Place of business is a gray area,” said Chris Holland, partner at HM, a Singaporean consultancy. “The legal definition is broad under FSMA, but firms that engage Singapore-based staff must still tread carefully to avoid falling within the scope of new regulations.”
Chief Executive Officer Richard Teng, who previously held a director position at MAS, described Binance in January as a “remote-first” company, consistent with the exchange’s policy of operating without an official global headquarters. Teng has said the company continues to hold discussions with various jurisdictions on its international structure.
Singapore’s new stance comes amid a broader re-evaluation of its role as Asia’s leading crypto hub. Following high-profile failures such as the collapse of hedge fund Three Arrows Capital in 2022, the MAS has tightened oversight to plug regulatory gaps and restore investor confidence.
The tougher approach has raised concerns of an industry talent drain. Some crypto entrepreneurs are already shifting operations to more accommodating jurisdictions such as Dubai. Kast, a Cayman Islands–based stablecoin startup, is among firms reassessing expansion plans in Singapore.
“There’s lots of uncertainty on Singapore’s stance on crypto,” said Raagulan Pathy, Kast’s co-founder. “Even though Singapore is merely plugging a loophole, the perception is it’s clamping down on crypto and that could push capital and talent out.”
While rivals navigate potential staff relocations, Binance’s distributed model offers resilience against local policy shifts. The exchange’s reliance on a remote back-office team enables it to maintain service continuity without breaching MAS rules.
As the June 30 compliance deadline approaches, industry stakeholders are watching whether Singapore’s bid to tighten oversight accelerates an exodus of crypto talent — or whether other firms will follow Binance’s lead by pivoting to remote work to maintain a footprint in the city-state.
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