Binance Defies Singapore Crypto Crackdown: Remote Staff Stay Put in Bold Move

Singapore’s regulatory claws are out—but Binance isn’t budging. While authorities tighten crypto licensing rules, the exchange’s remote workforce digs in like a bull market hodler. Here’s how the world’s largest crypto platform plays regulatory whack-a-mole… again.

No Retreat, No Surrender

Binance’s Singapore team operates like a decentralized network—scattered, agile, and borderline untouchable. No office? No problem. The FSA’s paperwork avalanche hasn’t frozen these remote warriors. Meanwhile, traditional finance brokers still fax their compliance forms.

The Cynic’s Take

Another day, another jurisdiction playing catch-up with crypto’s borderless reality. Banks need brick-and-mortar; Binance needs a VPN. Place your bets on who blinks first.

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 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…

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.