- Binance is encountering new challenges in its efforts to launch operations in Thailand through a joint venture with Sarath Ratanavadi’s Gulf Energy Development.
- This comes after Binance and its CEO Changpeng Zhao received a guilty plea and a $4.3 billion fine for money laundering (AML) law and sanction violations.
- While Gulf Energy holds a 51% stake in the planned crypto exchange, Binance has a minority share. Experts believe that Binance’s agreement will not impact the plan.
The world’s largest cryptocurrency exchange, Binance, is facing new challenges as it prepares to launch a new exchange in Thailand!
Binance Faces New Challenges in Thailand
The world’s largest cryptocurrency exchange, Binance, is encountering new challenges in its efforts to launch operations in Thailand through a joint venture with Sarath Ratanavadi’s Gulf Energy Development. Binance’s $4.3 billion deal with U.S. authorities and the resignation of CEO Changpeng ‘CZ’ Zhao due to money laundering and sanction violations have affected its plans.
Binance Holdings’ attempt to launch a crypto exchange in Thailand is facing regulatory challenges with the joint venture with Sarath Ratanavadi’s Gulf Energy Development, according to Bloomberg. This comes after Binance and CEO Changpeng Zhao received a guilty plea and a $4.3 billion fine for money laundering (AML) law and sanction violations.
Following recent events and the appointment of Richard Teng as the new CEO of Binance, the plan for the local Binance crypto exchange is under review. Some suggest there might be a delay in the planned launch.
Thai billionaire Sarath Ratanavadi stated, “Binance grew very fast and probably encountered some regulations. After this storm, we have much more confidence in its reliability, which should make it even stronger.”
Binance and CZ have not faced allegations such as fraud or misuse of customer funds. Sarath Ratanavadi has high confidence in the crypto company’s product offering, systems, and security.
Binance Trading Volume Declines
While Gulf Energy holds a 51% stake in the planned crypto exchange, Binance has a minority share. Experts believe that Binance’s agreement will not impact the plan. Gulf Binance Co. received regulatory approval for Digital Asset Business Licenses from the Thai Ministry of Finance in May of this year.
Additionally, the approval from the Thai Securities and Exchange Commission on November 10, 2023, marks a significant milestone for the collaboration, paving the way for the launch of a crypto exchange in Thailand next year.
