Binance Said to Be Keeping Staff in Singapore Despite MAS' New Rules

The world's largest digital assets exchange Binance plans to keep hundreds of remote workers in Singapore, despite a crackdown on unlicensed crypto outfits in the city-state.

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The Monetary Authority of Singapore (MAS) recently announced a hard deadline of June 30 for crypto firms incorporated in Singapore and offering services offshore to cease activities, prompting top-10 exchange operators Bitget and Bybit to weigh moving staff overseas.

The new rules are expected to have a negligible impact on Binance's operations in Singapore, according to people familiar with the company's operations who asked not to be identified.

Hundreds of Singapore-based employees working remotely for the exchange will not need to relocate, the sources said.

More than 400 Binance workers label themselves as based in Singapore on LinkedIn, according to a Bloomberg News analysis.

Binance had no comment on its operations in the Republic, and did not specify whether it has an office in the city-state when asked by Bloomberg.

MAS referred to its earlier statements on the new rules.

Crypto exchanges have long posed challenges for would-be regulators by leaving their base of operations ambiguous.