Binance Retains 400 Singapore Employees Amid Regulatory Tightening

Binance, the world’s largest crypto exchange, has decided to retain approximately 400 remote employees in Singapore, despite the city-state’s regulators tightening oversight on digital asset firms serving offshore markets without a license. The Monetary Authority of Singapore (MAS) has mandated that crypto companies must secure licenses or halt operations by June 30 if they are incorporated locally but serve customers abroad. Major exchanges like Bitget and Bybit are considering relocating staff to other jurisdictions in response to these new regulations.

Binance’s unique structure allows it to navigate these regulatory changes effectively. The company has more than 400 employees based in Singapore, primarily engaged in internal roles such as compliance, tech development, HR, and data operations. These employees work remotely for the global exchange and do not directly serve local clients, thereby avoiding the new licensing requirements. This remote-first approach enables Binance to continue operations with minimal disruption, as remote employees in Singapore are not required to hold a license if they work for a foreign crypto firm that does not serve local customers.

Singapore has historically positioned itself as a crypto-friendly hub in Asia, but the collapse of major players like Three Arrows Capital in 2022 prompted MAS to strengthen its oversight of the sector. The latest regulatory measures draw a clear line: Singapore-incorporated crypto firms providing services abroad must hold a local license or cease operations. Binance, which operates without a formal headquarters and identifies as “remote-first,” appears largely unaffected by these changes. This highlights how global exchanges can structure their operations to sidestep certain regulatory requirements by keeping customer-facing services beyond local borders.

While rivals like Bybit and Bitget are preparing to move parts of their workforce, Binance’s decision to retain its employees in Singapore reveals the practical limits of enforcement in a decentralized, remote-first industry. As more jurisdictions study Singapore’s evolving crypto rules, the effectiveness of such licensing frameworks will shape how crypto giants operate their global teams in the coming years. Binance’s strategic move to keep its workforce in Singapore underscores its commitment to compliance, talent retention, and long-term growth in the digital asset market.