Binance Struggles To Find Solid Ground In Thailand Post DoJ

The exchange’s newly-founded subsidiary in Thailand has come under regulatory scrutiny amid intensifying challenges in the U.S.

Man is getting bald in Thailand over binance stress.
Created by Kornelija Poderskytė from DailyCoin
  • Binance has recently expanded its operations into Thailand with a subsidiary exchange.
  • The exchange was scheduled to roll out operations in 2024.
  • Regulators in Thailand have intensified scrutiny of the exchange.

The ongoing legal turmoil involving Binance, its founder Changpeng “CZ” Zhao, and the US Department of Justice has created uncertainty on the exchange’s operations, resulting in leadership shifts and mandatory market exits.

Following CZ’s guilty plea and settlement with the DOJ for violating anti-money laundering (AML) requirements and sanctions law breach, Binance is now under scrutiny in Thailand regarding its new subsidiary exchange.

Gulf Binance Under Microscopic Lens In Thailand

According to a Bloomberg report on November 29, Thai regulatory authorities scrutinize Binance’s new Thailand-based venture, Gulf Binance, along with its co-founder Changpeng “CZ” Zhao.

Gulf Binance, founded through a collaboration between Binance and a unit of the Thai billionaire Sarath Ratanavadi’s Gulf Energy Development, had initially announced its scheduled launch date for 2024.

However, amidst the escalating regulatory scrutiny facing Binance and Zhao, the previously stated launch date now appears uncertain as the ongoing review process may potentially result in a delay.

Despite the regulatory challenges, Ratanavadi has expressed unwavering confidence in the exchange. 

“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.”

If successfully launched, Gulf Binance will offer regulated digital asset exchange and brokerage services for cryptocurrencies and digital tokens.

To find out more about the ongoing enforcement actions by the DOJ against Binance and CZ, read here:
Here’s Why CZ Remains Grounded in the U.S. Despite Bail Bond

Reap more on CZ’s guilty plea deal and his exit from Binance:
CZ Steps Down As Binance CEO And Plans Guilty Plea 

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Grace Abidemi

Grace Abidemi, a cryptocurrency reporter at DailyCoin, covers industry developments and trends. She previously worked as a freelance writer. With a Bachelor's degree in German Language and certifications in marketing and storytelling, Grace creates engaging content. When not working, she's in Nigeria, mastering cooking and canvas painting, and enjoys learning about different cultures and languages.