The biggest crypto exchange, Binance, is experiencing some hurdles in Thailand. They’re planning a partnership with Gulf Energy Development, owned by Sarath Ratanavadi.
However, Binance’s recent $4.3 billion deal with US authorities is causing problems. Then, Changpeng ‘CZ’ Zhao stepped down as CEO due to violations against anti-money laundering and sanctions, further complicating their expansion plans.
Binance Holdings is trying to set up a crypto exchange in Thailand. They are partnering with Gulf Energy Development, led by Sarath Ratanavadi. But, they are running into some legal issues, says Bloomberg in a report.
This problem comes after Binance and their CEO, Changpeng Zhao, admitted to breaking laws related to money laundering otherwise. Binance’s home crypto exchange is in review due to recent happenings.
Richard Teng, a former regulator, is Binance’s new CEO. Some suggest the launch scheduled for next year may see some delays.
Binance Regulatory Odyssey: A Billionaire’s Vote Of Confidence Amidst Rapid Expansion
“Binance, expanding rapidly, might have brushed against a couple of regulations. After enduring the storm, we trust its credibility more, making it even stronger,” stated Sarath Ratanavadi, a billionaire from Thailand.
The digital currency platform and CZ did not face legal accusations like fraud or misusing their clients’ funds. Sarath Ratanavadi strongly trusts the crypto enterprise’s product range, operating systems, and safety protocols.
Gulf Energy has a majority 51% share in the proposed cryptocurrency exchange, while Binance owns a smaller share. People in the know say that Binance’s agreement won’t alter this plan.
In May, Gulf Binance Co. got the green light for Digital Asset Operator Licenses from the Finance Ministry in Thailand. Then, a key event occurred on Nov 10, 2023.
The Thai Securities and Exchange Commission gave its approval. This event is a game-changer for the partnership. It clears a path for the debut of a cryptocurrency exchange in Thailand at the start of the coming year.
Related Reading | Bhutan’s Secret Bitcoin Mines Unveiled by Forbes
The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.
Comments (No)