Binance is Not Retreating from Singapore! Hundreds of Employees to Remain, Who Will Cross the Regulatory Red Line 🔴

Although Singapore has recently strengthened its regulation of unlicensed cryptocurrency companies, Binance, the world's largest exchange, says it will continue to retain hundreds of local employees. These individuals in Singapore are primarily engaged in logistical support work, and most work remotely, rarely meeting in the office.

The Monetary Authority of Singapore (MAS) recently set new rules: by a deadline of June 30, all cryptocurrency companies registered locally but providing services to overseas markets must cease operations if they do not obtain a license. This has led major exchanges, including Bitget and Bybit, to consider relocating their employees out of the country.

Binance has never formally established a "global headquarters." CEO @_RichardTeng even said that the company adopts a "remote-first" working model. MAS also further clarified in early June that if a company is solely targeting overseas markets and does not actually conduct business in Singapore, it may not necessarily need a license.

Singapore was once regarded as an Asian crypto hub, with companies like Coinbase and OKX establishing bases there. The co-founder of stablecoin startup Kast said: "They originally planned to move their back-office staff and trading team to Singapore, but now they are shifting to establish a global headquarters in Dubai. Although Singapore is only plugging regulatory loopholes, the outside world perceives it as driving people away."