Singapore's Monetary Authority (MAS) has set June 30 as the final deadline for cryptocurrency businesses to obtain operational licenses—regardless of whether they serve local or overseas markets. Non-compliant firms will cease all activities. Reports indicate that Bitget and Bybit are relocating employees to jurisdictions like Dubai and Hong Kong, affecting hundreds of staff. Meanwhile, Binance remains unfazed, emphasizing its remote-first work model. Singapore’s shift toward stringent governance may reshape Asia’s crypto landscape.
MAS Strengthens Crypto Oversight: Exchanges Respond with Relocations
Singapore, a key hub for Asia’s crypto industry, hosts regional offices for global players like Coinbase and Crypto.com. Under new MAS rules, all digital asset service providers must secure a Digital Payment Token (DPT) license by June 30 or face penalties of up to SGD 250,000 and three years’ imprisonment. No transition period was granted.
Bitget and Bybit’s Strategic Moves
- Bitget: Shifting teams to Dubai and Hong Kong.
- Bybit: Exploring similar measures, potentially impacting hundreds.
Both exchanges operate Singapore branches but lack local licensing.
Binance’s Remote-Work Shield
Binance, the world’s largest crypto exchange, has been on Singapore’s investor alert list since 2021 and cannot solicit local clients. However, it maintains 400+ remote employees in the country, per LinkedIn data.
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CEO Richard Teng describes Binance as “remote-first,” with Singapore-based staff focusing on compliance, HR, data analytics, and tech—roles less affected by MAS’s crackdown.
Singapore’s Regulatory Pivot: From Innovation to Compliance
Once a haven for Web3 entrepreneurs, Singapore now prioritizes anti-money laundering (AML) and counter-terrorism financing (CFT) measures. Stricter policies follow scandals involving funds channeled through family offices for illicit activities, prompting MAS to:
- Clarify regulatory expectations.
- Pressure non-compliant firms to restructure.
This could trigger further relocations across Asia’s crypto sector.
FAQs
Q: Which exchanges are leaving Singapore?
A: Bitget and Bybit plan relocations; Binance remains via remote work.
Q: What’s the MAS license deadline?
A: June 30, 2025—no grace period.
Q: How does Binance operate in Singapore?
A: With remote teams handling backend functions, avoiding local licensing requirements.
Q: Why is Singapore tightening rules?
A: To curb money laundering and align with global financial standards.
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