The biggest cryptocurrency exchange in the world, Binance, is having new problems in Thailand as it plans to start operations there in partnership with Gulf Energy Development, led by Sarath Ratanavadi. The plan has been affected by Binance’s $4.3 billion settlement with US authorities and Changpeng “CZ” Zhao’s resignation as CEO due to sanctions and anti-money laundering infractions.
Regulatory Review of Binance’s Thailand Launch Is In Progress
According to Bloomberg, regulatory obstacles stand in the way of Binance Holdings’ plan to open a cryptocurrency exchange in Thailand as a joint venture with Gulf Energy Development, owned by Sarath Ratanavadi. It comes after the guilty plea of Binance and CEO Changpeng Zhao, as well as the imposition of $4.3 billion in fines for breaking anti-money laundering (AML) laws and sanctions.
Following the recent events and the appointment of former regulator Richard Teng as Binance’s new chief executive officer (CEO), the domestic launch of the Binance cryptocurrency exchange is being reviewed. Some suggested that the planned launch for next year would probably be delayed.
Because of its rapid growth, Binance most likely ran afoul of some laws. After this storm, we have much more faith in its credibility, which should make it much stronger, billionaire Sarath Ratanavadi said from Thailand.
There were no allegations of fraud or misappropriation of client funds brought against the cryptocurrency exchange or CZ. Sarath Ratanavadi is very confident in the systems, security, and range of products offered by the cryptocurrency company.
Volume of Trading on Binance The planned cryptocurrency exchange is 51% owned by Plummets Gulf Energy, with the remaining minority being held by Binance. Experts predict that the plan won’t be affected by Binance’s settlement.
The Ministry of Finance in Thailand granted Gulf Binance Co. regulatory approval for Digital Asset Operator Licenses in May of this year. Furthermore, the partnership has reached a major milestone with the approval of the Thai Securities and Exchange Commission on November 10, 2023, opening the door for the opening of a cryptocurrency exchange in Thailand early the following year.
