Binance, the world’s largest crypto exchange, will keep hundreds of remote employees in Singapore even as the city-state’s regulators clamp down on digital asset firms serving offshore markets without a license.The Monetary Authority of Singapore (MAS) gave crypto companies until June 30 to secure licenses or halt operations if they’re incorporated locally but serve customers abroad. Major exchanges like Bitget and Bybit are now considering shifting staff to other jurisdictions.

According to Bloomberg, despite Singapore's tightening regulation of unlicensed crypto businesses, Binance still plans to retain hundreds of remote workers in Singapore. These employees are mainly engaged in back-end compliance, human resources, data analysis and technical…— Wu Blockchain (@WuBlockchain) July 1, 2025

However, Binance’s structure gives it a way around this tightening oversight. According to Bloomberg, more than 400 Binance employees remain based in Singapore, but their roles are mostly internal, covering compliance, tech development, HR, and data operations. By working remotely for the global exchange and not directly serving local clients, these workers sit outside the new licensing net.

Remote-First Keeps Binance Out of Direct Scope

Singapore has long marketed itself as a crypto-friendly hub in Asia, but the collapse of big players like Three Arrows Capital in 2022 pushed MAS to strengthen oversight of the sector.

The latest measure draws a clear line: Singapore-incorporated crypto firms providing services abroad must hold a local license or stop operations. But Binance, which has no formal headquarters and calls itself “remote-first,” appears largely untouched.

Under the Financial Services and Markets Act 2022, 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. This legal loophole means Binance’s Singapore-based back-office team can continue operations with little disruption.

LinkedIn data reviewed by Bloomberg shows over 400 professionals list Singapore as their work location with Binance. The company has been on MAS’s Investor Alert List since 2021, blocking it from serving Singaporean retail clients directly. Even so, Binance’s local presence has never fully disappeared, highlighting how borderless remote work models still test national crypto regulation frameworks.

Tighter Rules But Loopholes Remain

As MAS tightens its grip on local crypto activities, the Binance case shows how global exchanges can sidestep certain rules by structuring operations offshore and keeping customer-facing services beyond local borders.

While rivals like Bybit and Bitget prepare to move parts of their workforce, Binance’s stay-put approach reveals the practical limits of enforcement in a decentralized, remote-first industry.

With more jurisdictions now studying Singapore’s evolving crypto rules, the effectiveness of such licensing frameworks will likely shape how crypto giants operate their global teams in the years ahead.

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