[ExI] Crypto executives and companies are flocking to Singapore to take advantage of its crypto-friendly regulations and growth potential

[John Grigg]

"As the rest of the world cracks down on cryptocurrencies, the island
nation of Singapore is becoming a hotspot for global crypto companies and
executives with its warmer regulations and license exemptions.

Binance, the world's largest crypto exchange by trading volume
<https://www.statista.com/statistics/864738/leading-cryptocurrency-exchanges-traders/>,
is one of the most prominent groups to set up shop in the country, with CEO
Changpeng Zhao having moved to the city-state in recent years.
<https://www.bloomberg.com/news/articles/2020-02-16/binance-applied-for-singapore-s-new-crypto-license-ceo-says?sref=BLKWHazc>

In the rest of the world, the exchange has faced a flurry of clampdowns
from various governments, largely over concerns of unregulated activity
that has the potential to be used for money-laundering or terrorist
funding. Thailand, Japan, the EU, Canada,
<https://markets.businessinsider.com/currencies/news/binance-thailand-sec-criminal-complaint-cryptocurrency-exchange-license-approve-2021-7>
 and the US are all probing
<https://www.bloomberg.com/news/articles/2021-05-13/binance-probed-by-u-s-as-money-laundering-tax-sleuths-bore-in?sref=BLKWHazc>
or
taking action against Binance, and the exchange was banned from the UK in
June.
<https://www.businessinsider.com/binance-banned-from-carrying-out-regulated-activities-2021-6>

But crypto players like Binance have found Singapore to be a paradise of
opportunity, even while a regulations storm looms over the industry in
other parts of the globe."

https://www.insider.com/singapore-becomes-hotspot-for-crypto-groups-binance-amid-global-crackdown-2021-7
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