Binance Keeps Staff in Singapore Despite The Country's Crackdown On Crypto Firms

As Singapore tightens its regulatory stance on crypto firms operating without proper licenses, Binance is reportedly set to retain a significant portion of its workforce in the city-state—undeterred by new restrictions targeting offshore digital-asset activity.

The Monetary Authority of Singapore (MAS) recently announced that crypto companies incorporated in Singapore but offering services to overseas markets must either secure a local license or cease operations by June 30.

The move is part of MAS’ broader efforts to reinforce oversight following the industry’s tumultuous downturn in 2022.

This directive has already triggered reactions across the sector, with exchanges like Bitget and Bybit reportedly leaving the country and shifting their staff out of Singapore.

However, Binance claims that the new law would not affect the company much thanks to its organizational structure and remote-first operating model.

In an interview in January 2025, Binance CEO Richard Tend has once called his company's employees "remote-first."

According to Bloomberg, Binance currently has over 400 employees based in Singapore, many of whom are engaged in back-office roles such as compliance, HR, data analytics, and tech development.

These internal-facing functions do not involve direct customer interactions, and thus fall outside the purview of the new MAS rule.

LinkedIn data further confirms that a large number of Binance employees continue to list Singapore as their primary location—despite the company lacking a formal office in the country.

Why the New MAS Rule Doesn’t Impact Binance’s Setup

The MAS directive primarily targets Singapore-incorporated crypto firms serving foreign markets. Binance, which operates without a fixed global headquarters and describes itself as a “remote-first”company, does not fall within the scope of this new requirement.

Furthermore, the MAS has clarified that remote employees based in Singapore working for foreign entities will not trigger licensing obligations, so long as those firms are not offering services to Singapore residents.

This exception is recognized under the Financial Services and Markets Act 2022.

Despite Binance’s placement on the MAS Investor Alert List since 2021, which effectively bars the company from serving local customers, its operational presence in Singapore has remained in a regulatory grey zone.

Singapore’s Growing Scrutiny and the Global Crypto Dilemma

Once seen as a crypto-friendly hub in Asia, Singapore’s regulators have taken a more cautious approach after high-profile failures like the collapse of Three Arrows Capital.

The recent MAS directive is the latest step in tightening the regulatory net around unlicensed crypto activities.

Yet Binance’s ability to continue employing hundreds of Singapore-based remote workers underscores the complex challenges regulators face in a borderless digital economy.

As global crypto firms decentralize operations and adopt remote-first structures, traditional jurisdictional oversight struggles to keep pace.

While MAS moves to rein in unlicensed overseas crypto services, Binance’s strategic structure allows it to maintain a substantial workforce in Singapore without falling afoul of the law.

For now, the company’s remote setup remains a shield against local restrictions—highlighting the evolving tension between crypto’s global reach and national regulatory frameworks.