Global cryptocurrency groups are expanding their presence in Singapore, drawn by the city-state’s friendly regulatory environment as other markets crack down on the industry.
Among the executives to move to the Asian financial hub are Changpeng Zhao, founder of Binance, a crypto exchange that processes trillions of dollars in trades per year. Gemini, a US exchange founded by the Winklevoss twins, is also boosting its headcount in Singapore.
The city has yet to issue licences to cryptocurrency companies, but it has granted exemptions to some of the industry’s biggest players, allowing them to serve local retail and institutional investors.
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