Despite tightening regulations, Binance will still retain hundreds of employees in Singapore to work remotely.

BlockBeats News, July 2nd, according to Bloomberg, despite Singapore's recent crackdown on unlicensed crypto companies, the world's largest digital asset exchange Binance still plans to retain hundreds of remote employees in Singapore.

The Monetary Authority of Singapore (MAS) recently announced a strict regulation: all crypto companies registered in Singapore and providing services overseas must cease related activities by June 30th. This has led to many of the top ten global exchanges, including Bitget and Bybit, considering relocating employees overseas.

However, according to sources familiar with the matter, this new regulation is expected to have minimal impact on Binance's operations in Singapore. These sources, who requested anonymity due to confidentiality, indicated that hundreds of Binance's remote employees in Singapore will not need to relocate. According to Bloomberg's analysis, there are over 400 Binance employees on LinkedIn who list Singapore as their primary location.

The sources stated that most of Binance's employees in Singapore are involved in backend operations such as compliance, human resources, data analysis, and technical work, and are therefore believed to be unaffected by MAS's new regulation. They work remotely rather than in a physical office, which also provides a degree of protection.