Binance Encounters Issues in Thailand Following $4.3 Billion Settlement with US DOJ

By Gapster Innes Nov 29, 202335Views

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Binance Faces Regulatory Review for Thailand Launch

Binance Holdings’ plan to launch a crypto exchange in Thailand in collaboration with Sarath Ratanavadi’s Gulf Energy Development is facing regulatory challenges, according to Bloomberg. This comes in the wake of Binance’s $4.3 billion settlement and CEO Changpeng Zhao stepping down due to anti-money laundering (AML) law and sanctions violations.

The launch of Binance’s domestic crypto exchange in Thailand is currently under review following recent events, as well as the appointment of Richard Teng, a former regulator, as the new CEO. It is expected that there may be a delay in the scheduled launch next year.

Thai billionaire Sarath Ratanavadi expressed confidence in Binance’s credibility, stating that the company will emerge stronger after this storm. Binance and CZ were not charged with fraud or misusing customer funds. Ratanavadi also praised the company’s product offering, systems, and security.

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