In a bold move, Binance, a major player in the crypto world, has partnered with Gulf Energy Development Pcl, led by billionaire Sarath Ratanavadi, to launch a high-tech digital asset platform in Thailand. Despite securing necessary licenses, Binance’s recent trouble involving a $4.3 billion penalty for breaking US anti-money laundering and sanctions laws has sparked concerns, adding uncertainty to this ambitious project.
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Binance’s regulatory journey has taken a rough turn, with a guilty plea for breaking US anti-money laundering and sanctions laws. The company promised to fix its compliance and transparency practices alongside a hefty $4.3 billion fine. This has cast a looming shadow over the upcoming Thai digital asset platform, set to compete with other licensed operators in the country.
Power Moves
Sarath Ratanavadi, a big player in Thailand with an estimated net worth of $11 billion, leads Gulf Energy Development Pcl. In this significant collaboration, Gulf Energy Development Pcl claims a majority stake of 51%, leaving Binance with the remaining 49%.
The eagerly awaited platform is set to launch grandly in January 2023.
Despite a dip in cryptocurrency demand, some Thai businesses are rallying for a comeback. Kasikornbank Pcl, a major bank, recently acquired a licensed crypto exchange operator, signaling renewed interest. Ratanavadi stresses the need for strict regulatory oversight to rebuild investor trust after the digital asset turmoil and high-profile bankruptcies like FTX’s last year.
“Crypto grew at a pace that was hard for regulations to keep up with. Officials have since tightened rules and corrected business practices, and all market participants have to follow the new regulations.”
Binance’s entry into the Thai market faces challenges like regulatory scrutiny, dwindling demand, and growing competition. Nevertheless, the company remains optimistic, counting on its partnership with Gulf Energy Development Pcl and a reinforced regulatory framework to boost confidence in Thailand’s cryptocurrency scene.
The question is: Will all go according to plan?
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