Global cryptocurrency exchange Binance is holding its ground in Singapore, retaining hundreds of remote employees even as the city-state intensifies efforts to rein in unlicensed digital asset firms. Despite new regulatory requirements introduced by the Monetary Authority of Singapore (MAS), Binance appears poised to continue its operations via its remote workforce.
The MAS issued a hard June 30 deadline for crypto companies incorporated in Singapore and servicing offshore clients to either obtain a license or cease operations. The move has already led major exchanges like Bitget and Bybit to consider relocating their staff.
However, sources familiar with Binance’s operations indicate that the firm will not be significantly affected. Most of the company’s Singapore-based staff, estimated at over 400 according to LinkedIn data, perform back-office duties such as compliance, human resources, data analysis, and technical support, all while working remotely. These roles do not directly involve soliciting customers in Singapore, making them less exposed to MAS’s enforcement.
No Office, No Problem
Binance has not confirmed whether it maintains a formal office in Singapore. The company declined to comment on its local operations, while the MAS referred back to its earlier statements. The regulatory body clarified that work conducted remotely for a foreign-incorporated firm serving only overseas clients would not independently trigger licensing requirements under the Financial Services and Markets Act 2022.
Despite this, industry experts warn of legal gray zones. “The definition of ‘place of business’ is broad under FSMA,” said Chris Holland, partner at Singapore-based consultancy HM. “Firms should be cautious in assuming remote work exempts them from regulatory oversight.”
Tensions Rise in a Shifting Crypto Landscape
Singapore’s status as a regional crypto hub is now under scrutiny. While companies like Coinbase and OKX have used the city-state’s framework to establish Asia operations, others see the latest regulatory tightening as a deterrent.
Kast, a Cayman Islands-based stablecoin startup, had initially planned to expand its internal operations into Singapore. But co-founder Raagulan Pathy now says those plans have shifted to Dubai. “There’s lots of uncertainty on Singapore’s stance on crypto,” he said. “Even though Singapore is plugging a regulatory loophole, the perception is it’s clamping down, and that could push capital and talent out.”
Binance Navigates Global Compliance Waters
Binance has long drawn scrutiny for its decentralized and often opaque structure. The exchange has never designated a global headquarters and remains unlicensed in Singapore, where it has been on the investor alert list since 2021.
CEO Richard Teng, a former MAS director, stated in 2024 that Binance remains “remote-first,” an approach that has helped shield it from strict regulatory actions in some jurisdictions. Still, the broader crackdown raises fresh questions about how long Binance can maintain its decentralized model amid tightening compliance demands worldwide.
For now, the company’s Singapore-based team remains in place, and for Binance, that may be enough to continue operating in the shadows of one of Asia’s most important financial centers.
