Binance Maintains Workforce Despite Singapore's Crackdown on Unlicensed Exchanges

YM Lee

Summary

Binance announced plans to maintain its local workforce despite Singapore’s strengthened crackdown on unlicensed exchanges.
The Monetary Authority of Singapore (MAS) recommended that exchanges acquire licenses, but Binance stated that the new regulations would have minimal impact on its operations.
Other major exchanges such as Bitget and Bybit are reportedly considering relocating overseas.

Global virtual asset (cryptocurrency) exchange Binance plans to maintain its hundreds of employees despite the tightening of Singaporean regulations on unlicensed exchanges.

According to a Bloomberg report on the 2nd (local time), the Monetary Authority of Singapore (MAS) recently recommended that companies establishing entities in Singapore and providing services overseas acquire a license by the 30th; otherwise, they must cease regulated activities.

Citing remarks from an anonymous Binance representative, the outlet reported, “Binance believes that the new Singapore regulations will have little impact on its operations and considers that there is no need to relocate its hundreds of employees working in Singapore.”

On the other hand, major exchange operators such as Bitget and Bybit are reportedly considering relocating overseas.