Binance To Setup Exchange in Thailand, Partners With Thai Billionaire!
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- SEC Thailand sent a warning letter in April 2021.
- Billionaire Sarath Ratanavadi is the brains behind Gulf Energy.
A deal has been reached between Binance, the world’s biggest cryptocurrency exchange, and a Thai billionaire’s company to build a digital asset exchange. Global operations of Binance are to be formalized by an agreement with Gulf Energy Development PCL, which the company announced on Monday. Billionaire Sarath Ratanavadi is the brains behind Gulf Energy. According to the letter sent to the Thai Stock Exchange, the alliance was spurred on by Thailand’s digital infrastructure’s expected “rapid growth” in the future years.
Binance spokesperson said:
“Our goal is to work with government, regulators, and innovative companies to develop the crypto and blockchain ecosystem in Thailand.”
Thailand Regulator Filed Criminal Complaint
Last year, the Thailand regulator filed a criminal complaint against Binance for running the exchange without a license. SEC Thailand sent a warning letter in April 2021 but got no response from the digital asset trading platform Binance. A criminal complaint was filed with Thai police as a result of this.
According to a report in the Bangkok Post, despite the accusations against Binance, users continue to trade on the platform, doubting the government’s ability to stop them. Complaints filed by the SEC against Binance contained:
- Penalties range from two to five years in jail.
- A fine of $6,000 to $15,000.
- Extra fines of up to 10,000 baht for every day the violation persists.
It’s not clear whether the exchange was penalized. However, Binance’s Thai Binance Facebook group still has more than 250,000 members.
Read More: Binance Coin Price Prediction
Binance has been under growing regulatory scrutiny in the US and UK in recent months. After receiving a warning from the Financial Conduct Authority (FCA), banks including Barclays and Santander have barred fiat withdrawals from the Binance exchange.
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