Binance reportedly will retain more than 400 Singapore-based workers, despite the crackdown on unlicensed crypto companies in the region after the June 30 deadline ends.
According to a recent report from Bloomberg, the world's largest crypto exchange by trading volume will retain Singapore-based workers even after the deadline for Singapore to halt local operations by June 30th.
A Bloomberg analysis found that over 400 Crypto Exchange staff are working in Singapore based on their LinkedIn profile. Unlike Bitget and Bybit, which have decided to move Singapore staff overseas, Binance maintains business as usual.
However, the company insiders shared that the new rules enacted by the MAS will not significantly affect the exchange operations. This is mainly because they focus primarily on back-end activities such as compliance, HR, data analytics, and technology.
As a result, Binance staff working remotely from Singapore do not need to move to other regions.
When asked to confirm, the exchange did not comment on its Singapore business and did not specify whether the company has offices in the region.
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Regarding individual employees working for companies outside of Singapore, MAS said in a May statement that offshore companies “in themselves attract licensing requirements” under the Financial Services and Markets Act 2022.
In an interview in January 2025, Binance CEO Richard Teng said the company's employees were “remote-first.” With over 50 office locations around the world, the platform itself has never declared where it is located at its headquarters.
Teng, former director of MAS, said in 2024 that the company was discussing its operations with many jurisdictions around the world.
Earlier this month, Singapore's financial authorities issued a final warning against unlicensed crypto exchanges operating in the region. Crypto companies operating without a license are expected to suspend operations by the latest June 30th.
Regulators say the warning has been consistently communicated to crypto companies and should not be a source of vigilance, but the deadline has sparked concern among industry players in Crypto Exodus from the country.
Singapore itself has several major companies, such as Coinbase and OKX. This was approved by the authorities and established a local base there.
read more: Singapore's MAS will issue a final warning for unlicensed crypto exchanges to stop operations by June 30th
