Binance and Gulf Energy Partnership in Thailand
Binance, one of the prominent cryptocurrency exchanges, is encountering obstacles in Thailand as it prepares to collaborate with billionaire Sarath Ratanavadi’s Gulf Energy to launch a new crypto platform. Binance, already burdened with criminal charges and civil lawsuits in the United States, is now facing scrutiny in Thailand as well.
The regulatory challenges in Thailand have escalated due to recent incidents involving Binance, including a $4.3 billion settlement with US authorities and CEO Changpeng Zhao’s guilty plea and resignation from the board. However, Sarath Ratanavadi clarified that Binance was not accused of fraud or misappropriation of customer assets in the US settlement.
Gulf Energy, with a majority stake of 51%, will be partnering with Binance for the planned crypto exchange in Thailand. However, the launch of the joint venture may experience delays due to the increasing scrutiny by regulators in light of Binance’s recent controversies. The CEO of the Abu Dhabi Global Market, Richard Teng, now leads Binance on a global level.
Thailand’s regulator, the Securities & Exchange Commission, is known for being stringent and asked numerous questions regarding Binance before granting approval. Ratanavadi mentioned that his firm selected Binance due to its leading position in the market.
Binance’s Unauthorized Operations in the Philippines
Binance is also currently facing an accusation from the Securities and Exchange Commission of the Philippines for operating without a license. The regulatory body has stated that the world’s largest crypto exchange does not have authorization to sell securities in the country.
In response, the regulator issued a warning to Filipinos, advising them to exercise extreme caution when dealing with unregistered exchanges. It is crucial for individuals in the Philippines to be aware of the risks associated with engaging in transactions on unlicensed platforms.
