Crypto News– Binance, the world’s largest cryptocurrency exchange, is encountering fresh challenges in Thailand as it endeavors to collaborate with Sarath Ratanavadi’s Gulf Energy Development for the launch of operations in the country.
Binance Confronts Issues in Thailand Post 4.3 Billion Dollars Agreement with the US Department of Justice
The impact of Binance’s $4.3 billion settlement with U.S. authorities, coupled with Changpeng ‘CZ‘ Zhao stepping down as CEO due to anti-money laundering and sanctions violations, has cast a shadow over its expansion plans.
Regulatory Scrutiny for Binance’s Thailand Entry
Bloomberg reports that Binance Holdings’ efforts to establish a cryptocurrency exchange in Thailand through a partnership with Sarath Ratanavadi’s Gulf Energy Development are facing regulatory hurdles. This development comes in the aftermath of Binance and CEO Changpeng Zhao’s admission of guilt and the imposition of $4.3 billion in penalties for violations related to anti-money laundering (AML) laws and sanctions. The proposed launch of the domestic Binance crypto exchange in Thailand is now under regulatory review, especially with the recent appointment of Richard Teng, a former regulator, as Binance’s new Chief Executive Officer (CEO). There are indications of a potential delay in the initially scheduled launch set for the upcoming year.
“Binance grew extremely fast and so probably crossed paths with some regulations. We have much more confidence in its credibility after this storm, which should make it a lot stronger,” remarked Thai billionaire Sarath Ratanavadi.
It’s worth noting that Binance and CZ did not face charges related to crimes such as fraud or the misuse of customer funds. Sarath Ratanavadi expresses high confidence in the cryptocurrency company’s product offerings, systems, and security measures.
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