Binance, one of the world’s largest cryptocurrency exchanges, will continue to maintain a significant remote workforce in Singapore, even as the city-state tightens regulatory controls on digital asset firms.
The Monetary Authority of Singapore (MAS) has issued new guidelines requiring locally incorporated crypto firms that serve overseas markets to obtain a license by June 30 or cease operations.
The crackdown has already prompted some exchanges, including Bitget and Bybit, to consider relocating staff to avoid falling under the stricter regulatory net.
Despite this shift, Binance appears unaffected by the directive, largely due to the nature of its Singapore workforce and corporate structure.
Over 400 Binance Employees in Singapore Focused on Internal Operations
According to a Bloomberg report, more than 400 Binance employees currently work from Singapore, as verified through LinkedIn data.
These employees primarily engage in back-office functions such as compliance, human resources, data analytics, and technology development, roles that do not involve direct interaction with customers or the public.
Most of these staff work remotely and are not associated with any physical Binance office in Singapore.
The structure has helped the company remain operational in Singapore without violating local rules, even as regulatory scrutiny on digital asset providers intensifies.
Regulatory Framework Tightens, But Binance’s Setup Remains Largely Untouched
The latest MAS regulation is targeted at entities incorporated in Singapore that provide digital token services abroad.
It aims to close regulatory loopholes and impose tighter controls following several high-profile crypto failures, such as the 2022 collapse of hedge fund Three Arrows Capital.
However, Binance seems to fall outside the scope of these rules. The exchange has long maintained a “remote-first” model and does not list a formal headquarters.
Furthermore, MAS clarified that remote employees based in Singapore working for foreign entities.
However, provided those entities do not serve local customers, they are then not subject to licensing requirements under the Financial Services and Markets Act 2022.
Binance Remains in Regulatory Grey Zone While Maintaining Local Presence
Although Binance has been on MAS’ Investor Alert List since 2021, effectively barring it from offering services to Singaporean customers, it has not fully exited the country.
The company continues to operate in a legal grey zone, balancing regulatory limitations with operational flexibility.
Its ability to retain a substantial workforce in Singapore, while avoiding regulatory violations, underscores the complexities regulators face when dealing with decentralized and borderless crypto operations.
For now, Binance’s internal, non-customer-facing team in Singapore remains intact, highlighting how some firms are adapting to evolving regulations without losing their regional foothold.