Binance Faces Troubles In Thailand After US DOJ $4.3 Billion Settlement

The world’s largest crypto exchange Binance faces new trouble in Thailand as it aims to venture with Sarath Ratanavadi’s Gulf Energy Development to launch operations in the country. Binance’s $4.3 billion settlement with the US authorities and Changpeng ‘CZ’ Zhao stepped down as CEO for anti-money laundering and sanctions violations have impacted its plan.

Binance’s Thailand Launch Faces Regulatory Review

Binance Holdings’ attempt to launch a crypto exchange in Thailand in a joint venture with Sarath Ratanavadi’s Gulf Energy Development faces regulatory challenges, reported Bloomberg. It follows Binance and CEO Changpeng Zhao’s guilty plea and $4.3 billion in penalties for anti-money laundering (AML) law and sanctions violations.

The domestic Binance crypto exchange launch is under review after the recent events and regulator-turned-crypto executive Richard Teng becoming Binance’s new chief executive officer (CEO). Some indicated a likely delay in the scheduled launch next year.

“Binance grew extremely fast and so probably crossed paths with some regulations. We have much more confidence in its credibility after this storm, which should make it a lot stronger, said Thai billionaire Sarath Ratanavadi.

The crypto exchange and CZ weren’t charged with crimes such as fraud or the misuse of customer money. Sarath Ratanavadi has high confidence in the crypto company’s product offering, systems, and security.

Also Read: Binance Announces New TerraClassicUSD (USTC), BLUR Trading Pairs Among Others

Binance Trading Volume Plummets

Gulf Energy owns a 51% stake in the planned crypto exchange, with Binance holding the minority stake. Expert believes Binance’s settlement will not impact the plan.

Gulf Binance Co. received regulatory approval for Digital Asset Operator Licenses from Thailand’s Ministry of Finance in May this year. Moreover, the Thai Securities and Exchange Commission’s recent approval on November 10, 2023, marks a significant milestone for the collaboration, paving the way for the launch of a cryptocurrency exchange in Thailand early next year.

Also Read: Changpeng Zhao Resigns as Binance US Chairman

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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