Despite stricter regulations, CEX will retain hundreds of employees in Singapore to work remotely.

On July 2, Bloomberg reported that despite Singapore’s recent crackdown on unlicensed encryption companies, the world’s largest digital asset trading platform CEX still plans to retain hundreds of remote employees in Singapore. The Monetary Authority of Singapore (MAS) recently announced a hard regulation: all encryption companies registered in Singapore and providing services overseas must cease related activities by June 30. This move has prompted several of the world’s top ten trading platforms, including CEX and CEX, to consider relocating employees overseas. However, according to informed sources, this new regulation is expected to have little impact on CEX’s operations in Singapore. These sources requested anonymity due to the confidential nature of the matter. They stated that the hundreds of remote employees of CEX in Singapore will not need to relocate. Bloomberg’s analysis found that over 400 CEX employees indicated they are based in Singapore on LinkedIn. Informed sources said that most of CEX’s employees in Singapore are engaged in back-office functions such as Compliance, human resources, data analysis, and technical work, and therefore are considered not to be affected by this MAS new regulation. They work remotely rather than in physical offices, which also provides a degree of protection.