Despite new restrictions on crypto firms, Binance retains over 400 employees in Singapore, setting the company apart from other market players.
Situation of Crypto Companies in Singapore
Following the June 30 deadline set by the Monetary Authority of Singapore (MAS), new regulations permit crypto firms to continue operating only with the requisite licenses. Companies like Bitget and Bybit have chosen to relocate their employees overseas, while Binance remains operational in Singapore.
Binance's Reaction to New Rules
According to Bloomberg's analysis, more than 400 Binance employees are working from Singapore. Insiders indicated that the new MAS rules will not significantly impact the exchange’s operations, as most employees focus on internal processes like compliance, human resources, and data analysis.
Company Employee Strategy
Binance staff members working remotely from Singapore will not be required to relocate to other regions. Binance CEO Richard Teng previously stated that the company embraces a 'remote-first' model and is in discussions with various jurisdictions regarding its operations.
Thus, despite the new regulatory measures, Binance continues to support its operations in Singapore, highlighting the company's flexibility in a changing market.
