Binance Keeps Remote Staff in Singapore Despite Crypto Licensing Crackdown: Report

Binance reportedly plans to retain hundreds of remote workers in Singapore, even as the city-state moves to tighten rules on digital-asset firms offering services overseas without a license.

The Monetary Authority of Singapore (MAS) has given crypto firms incorporated locally but targeting offshore markets until June 30 to either secure a license or halt operations. The directive, aimed at strengthening regulatory oversight, has already prompted exchanges like Bitget and Bybit to consider relocating staff abroad.

However, the new rules are not expected to disrupt Binance’s local operations, Bloomberg reported Wednesday. Hundreds of Singapore-based Binance employees, most of whom work remotely, will not need to relocate as their roles are largely internal and non-customer facing, the report said.

Over 400 Binance Staff Still in Singapore, Focused on Back-Office Functions

Bloomberg’s analysis of LinkedIn profiles shows more than 400 individuals list Singapore as their location while working for Binance.

According to the outlet, most Singapore-based roles focus on internal functions such as compliance, human resources, data analytics and technology. The absence of a formal office setup further distances these employees from regulatory scrutiny.

While Singapore has built a reputation as a leading Asian hub for digital assets, its regulators have grown increasingly cautious following several high-profile crypto failures in 2022, including the collapse of hedge fund Three Arrows Capital.

New MAS Rule Targets Local Entities, But Binance’s Structure Keeps It Outside Scope

The latest rule draws a clear boundary. Firms incorporated in Singapore and offering token services abroad must now comply with local licensing requirements.

However, Binance appears to fall outside the direct scope of this regulation. The company has no official headquarters and describes itself as “remote-first.”

In addition, the MAS provided further clarification. Remote employees based in Singapore will not trigger licensing requirements if they work for a foreign firm. This applies only when the firm serves customers outside Singapore. The exemption falls under the Financial Services and Markets Act 2022.

Despite being placed on MAS’ Investor Alert List since 2021, Binance has not exited Singapore entirely. The listing effectively bars it from serving local customers. However, the company continues to operate in a legal grey area.

Yet for now, its Singapore workforce looks set to remain in place, showing how regulatory enforcement continues to grapple with the borderless nature of global crypto operations.

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