Binance Enters Thai Market
Binance has announced a partnership with Gulf Energy Development to establish a cryptocurrency exchange in Thailand in early 2024. The formal approval from Thailandβs Securities and Exchange Commission was granted on November 10, as reported by the Stock Exchange of Thailand.
Gulf Energy, majority-owned by Thai billionaire Sarath Ratanavadi, plans to launch the exchange as an invitation-only platform in January, with plans to open to a wider investor base later.
Gulf Energy and Binance partnership to showcase Thai Blockchain potential. Regulatory approval secured for Gulf Binance in Thailand. (Source: Twitter)
Binance Regulatory Challenges
The worldβs largest cryptocurrency exchange has encountered significant legal challenges this year. In June, the SEC filed a lawsuit alleging violations of securities laws. Additionally, the US Commodity Futures Trading Commission charged the exchange and CEO Changpeng Zhao with βwillful evasion of federal lawβ in March.
Furthermore, court filings revealed that Binance.US has been uncooperative with the SEC’s investigation. The company has downsized its workforce and experienced a global staff exodus in recent months.
Hot Take: Binance Expanding Amid Legal Woes
Despite facing regulatory scrutiny in various jurisdictions, Binance continues to expand its operations globally, including its recent venture into the Thai market through the partnership with Gulf Energy Development. The move signifies the company’s determination to overcome legal challenges and continue its growth trajectory amidst regulatory headwinds.
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