In the face of tightening crypto regulations in Singapore, Binance continues to retain over 400 remote employees in the country thanks to its unique organizational structure.
Crypto Regulation Situation in Singapore
The Monetary Authority of Singapore (MAS) has mandated that crypto firms acquire a license or cease overseas services by June 30. However, Binance, which lacks an official office, isn't directly affected by new rules as its employees are involved in internal roles that do not serve local customers.
Binance's Organizational Structure
According to a Bloomberg report, most of Binance's staff based in Singapore work remotely in internal functions like compliance, tech, HR, and data analytics. These roles do not require direct customer interaction, placing them outside the purview of the new regulations.
Competitive Advantages of Binance Amid Changes
Given that MAS clarified that remote workers based in Singapore do not trigger licensing requirements if employed by a foreign firm serving non-Singapore customers, Binance has the ability to continue operating in a 'regulatory grey zone.' This may give the company a competitive edge as other exchanges such as Bitget and Bybit consider relocating their staff abroad.
The case of Binance illustrates the challenges regulators face in managing decentralized and borderless crypto companies. The ability of the company to quickly adapt to new conditions may provide it with significant advantages in the market.
