People familiar with the matter said that Binance's employees in Singapore are currently mainly engaged in back-end work, including compliance, human resources, data analysis and technology, and are not expected to be affected by the new HKMA regulations.

According to Bloomberg, more than 400 Binance employees indicate their workplace locations in Singapore on the workplace social platform LinkedIn.

They added that working remotely rather than setting up a fixed office helps circumvent regulatory restrictions.

In the face of the new rules of the HKMA, Bitget and Bybit, the two cryptocurrency exchanges in the world, both have been reported to have plans to withdraw from Singapore.

For a long time, cryptocurrency exchanges have brought regulatory challenges due to unclear operating locations. Binance has not disclosed its global headquarters location so far and has not obtained a license in Singapore. Since 2021, Binance has been listed on the list of investors to be wary of, and Binance Singapore’s platform has been closed in 2022.

The Monetary Authority of Singapore has introduced new regulations to tighten supervision. As some cryptocurrency exchanges operating in my country have evacuated, Binance, the world's largest cryptocurrency exchange, is reportedly continuing to retain hundreds of remote employees in Singapore.

People familiar with the matter, who declined to be named, said the new regulations had little impact on Binance's operations in Singapore, and the company's remote employees in Singapore did not need to be transferred.

The HKMA issued a statement on June 6th last month that from June 30th, all operators operating in Singapore but providing digital payment tokens and capital market product token services to overseas customers must obtain a license from the HKMA, otherwise they will not be able to continue to carry out related businesses.