Binance will reportedly keep its over 400 of its workers based in Singapore, despite a crackdown on unlicensed crypto firms in the region after the June 30 deadline passed.
According to a recent Bloomberg report, the world’s largest crypto exchange by trading volume will maintain its Singapore-based workers even after the Monetary Authority of Singapore’s deadline for crypto firms to cease operations in the region by June 30 has come to pass.
Bloomberg’s analysis found that more than 400 of the crypto exchange’s staff are working from Singapore, based on their LinkedIn profiles. Unlike Bitget and Bybit, which have decided to relocate their Singaporean staff overseas, Binance maintains business as usual.
However, insiders of the company shared that the new rules enforced by the MAS will not impact the exchange’s operations significantly. This is largely because they mainly focus on back-end activities, such as compliance, human resources, data analysis and technology.
As a result, Binance staff members working remotely from Singapore will not need to relocate to other regions.
When asked for confirmation, the exchange gave no comment on its Singaporean operations and did not specify whether the firm had an office located in the region.
With regards to individual employees who are working for a company based outside of Singapore, MAS said in its May statement that offshore firms “would not, in itself, attract a licensing requirement” under the Financial Services and Markets Act 2022
In an interview in January 2025, Binance CEO Richard Teng said that the company’s employees are “remote-first.” With more than 50 office locations globally, the platform itself has never declared where its headquarters is located.
Teng, who is a former director of the MAS, stated in 2024 that the company has been in talks with a number of jurisdictions around the world about their operations.
Earlier this month, Singapore’s financial authorities issued a final warning for unlicensed crypto exchanges operating in the region. Crypto firms operating without a license are expected to cease operations by June 30 at the latest.
Although regulators have said that the warning has been consistently communicated to crypto firms and should not be cause for alarm, the deadline has sparked concerns among industry players of a crypto exodus from the nation.
Singapore itself is home to several major firms like Coinbase and OKX, which are licensed by the authority and have set up regional bases there.
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