Binance to keep SG staff under new regulation on crypto firms

Binance will keep its workforce in Singapore despite new regulations targeting unlicensed crypto firms.

The Monetary Authority of Singapore (MAS) set a June 30 deadline for crypto firms offering offshore services to cease operations.

Sources familiar with Binance said the rules are unlikely to significantly affect its operations, as most Singapore-based employees work remotely in roles like compliance, HR, and data analysis that don’t require licensing.

A Bloomberg analysis found over 400 Binance employees list Singapore as their location on LinkedIn.

MAS regulations clarify that remote employees of foreign firms in Singapore do not need to be licensed under the Financial Services and Markets Act 2022.

The new rules have sparked concerns about an exodus of crypto firms and talent, with some firms eyeing relocation to Dubai.

🔗 Source: Bloomberg

🧠 Food for thought

1️⃣ Regulatory competition reshapes Asia’s crypto landscape

Singapore’s regulatory evolution reflects a broader competition among financial centers to attract crypto businesses, with changing fortunes for different jurisdictions.

The city-state has implemented increasingly strict regulations, including the June 30 deadline for unlicensed firms, contributing to a notable decline in crypto ownership among Singaporeans from 40% in 2024 to just 29% in 2025 1.

This regulatory tightening has created opportunities for competing hubs, with Hong Kong now surpassing Singapore in the 2025 Crypto Friendly Cities Index, ranking second globally while Singapore fell to fifth 2.

The shift is triggering tangible business relocations, exemplified by stablecoin startup Kast choosing Dubai over Singapore for its global office despite having planned to hire 30-50 people in Singapore 3.

Singapore’s approach reflects a careful balancing act between fostering innovation and addressing risks, as demonstrated by its Digital Token Service Provider licensing framework requiring annual fees of SGD 10,000 and stringent AML compliance audits 4.

2️⃣ Remote-first models create regulatory arbitrage opportunities

Binance’s ability to maintain hundreds of workers in Singapore while competitors relocate highlights how organizational structure can create regulatory flexibility.