Binance to retain remote staff in Singapore despite MAS crackdown

Binance will retain hundreds of remote staff in Singapore, despite a recent regulatory crackdown on unlicensed crypto activity by the country’s financial authorities.

The company expects the new rules to have little impact on its operations because most local staff manage internal tasks that don’t involve customers.

MAS sets a deadline, but Binance avoids changes to its remote setup

Singapore’s financial regulator, the Monetary Authority of Singapore (MAS), recently introduced strict regulations. The rules require crypto companies offering digital token services to clients outside the country based in Singapore to either obtain a license or stop all regulated activities.

MAS wants to strengthen oversight and close regulatory loopholes that previously allowed unlicensed firms to operate from Singapore while bypassing local control. The updated guidelines took effect on June 30.

Global exchanges like Bitget and Bybit are considering relocating staff to other jurisdictions with more favorable or clearly defined rules. The two top-10 exchange operators by volume have a presence in Singapore, but no local licenses intend to reorganize their teams, according to people familiar with the matter.

Bitget will shift staff to jurisdictions including Dubai and Hong Kong, while Bybit is weighing similar moves, said the people, who refused to be identified as the plans are confidential.

Despite the increased scrutiny, Binance has managed to sidestep the impact of these new rules. The company is not considered to be carrying out unregulated activities locally because most of its employees perform internal tasks that do not involve offering financial products or services to the public. Most staff handle internal roles like compliance, HR, tech support, and data analytics.

More than 400 individuals currently list Singapore as their location while working for Binance, according to a review of LinkedIn profiles. MAS offered further clarification in a June 6 notice that allows remote workers like those at Binance to remain in the country legally.

Binance relies on remote roles to stay outside new licensing rules

Most of Binance’s staff jobs are compliance, where they help the company follow global rules and policies; human resources, handling hiring and employee support; data analytics, studying how the business is performing; technology support, and maintaining systems.

The new MAS rules don’t affect employees because their roles support the company’s overall operations, but do not involve direct contact with clients. 

Binance also cannot advertise or offer crypto services to people in Singapore, as it has been on the Monetary Authority of Singapore’s investor alert list since 2021. This list warns the public about companies operating without proper licenses or permissions. 

The company is not violating the recent regulation targeting firms incorporated in Singapore that are trying to serve clients outside the country. It’s already restricted from directly dealing with local customers. 

A partner at consulting firm HM, Chris Holland, warned firms against assuming that remote work arrangements automatically fall outside the scope of regulation. He said the law’s flexibility could lead to unexpected scrutiny in the future.

Still, Binance’s current structure allows the company to maintain a strong presence in the region without crossing regulatory red lines because it lacks a formal office in Singapore and has a decentralized and remote-first workforce model.

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