Binance to retain hundreds of remote employees in Singapore despite crackdown on unlicensed crypto firms

Binance to retain hundreds of remote employees in Singapore despite crackdown on unlicensed crypto firms

The world's largest digital-assets exchange, Binance, has announced plans to retain hundreds of remote workers in Singapore, despite the city-state's crackdown on unlicensed crypto outfits. The Monetary Authority of Singapore (MAS) has set a deadline of June 30 for crypto firms incorporated in Singapore and offering services offshore to cease activities [1].

Binance, which has never named a global headquarters, is expected to be minimally impacted by these new rules. According to sources familiar with the company's operations, hundreds of Singapore-based employees working remotely for the exchange will not need to relocate. Over 400 Binance workers label themselves as based in Singapore on LinkedIn [1].

The MAS's clarification on June 6 stated that digital-asset firms offering services solely to customers outside of Singapore will need to be licensed from June 30 or cease their regulated activities. Binance is not licensed in Singapore and has been on an investor alert list there since 2021, meaning it cannot solicit customers from the city-state [1].

Binance staff in Singapore are seen as shielded from the recent MAS notice because they mainly focus on back-office activities including compliance, human resources, data analysis, and technology. Working remotely also helps to insulate them from regulatory scrutiny [1].

Singapore, a prominent crypto hub, has faced concerns of a crypto exodus following the June 30 deadline. Raagulan Pathy, co-founder of stablecoin startup Kast, plans to shift operations to Dubai instead of Singapore due to regulatory uncertainty [1].

Binance's decision to keep its remote workforce in Singapore indicates the exchange's commitment to maintaining its operations in the city-state. However, the ongoing regulatory developments in Singapore will continue to shape the crypto landscape in the region.

References:
[1] https://www.bloomberg.com/news/articles/2025-07-01/binance-to-keep-hundreds-of-remote-workers-in-singapore-despite-crypto-crackdown
[2] https://www.businesstimes.com.sg/companies-markets/banking-finance/binance-keep-hundreds-staff-singapore-despite-crackdown