<p>The post <a href="https://coinpedia.org/news/binances-fresh-start-in-thailand-faces-scrutiny-as-regulatory-compliance-takes-center-stage/">Binance-Gulf Energy Partnership for Thailand Faces Scrutiny</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>In a bold move, <a href="https://coinpedia.org/news/binance-navigates-regulatory-storm-resilience-amidst-challenges-signals-stronger-future/">Binance</a>, a major player in the crypto world, has partnered with <a href="https://www.bloomberg.com/news/articles/2023-11-29/crypto-exchange-binance-s-reboot-faces-test-in-thailand">Gulf Energy Development Pcl</a>, led by billionaire Sarath Ratanavadi, to launch a high-tech digital asset platform in <a href="https://coinpedia.org/news/binance-expands-in-thailand-with-new-regulatory-approvals-teams-up-with-billionaire-sarath-ratanavadi/">Thailand</a>. 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.</p> 
<p>Here are all the details you need.</p> 
<h2 class="wp-block-heading" id="h-binance-has-had-a-rocky-start">Binance Has Had A Rocky Start</h2> 
<p>Binance’s regulatory journey has taken a rough turn, with a <a href="https://coinpedia.org/price-analysis/bnb-price-bleeds-as-cz-charged-guilty-is-this-a-crucial-time-to-sell-binance-tokens/">guilty plea</a> 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.</p> 
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   <p lang="en" dir="ltr">Binance and CEO Plead Guilty to Federal Charges in $4B Resolution<br><br>Binance Admits It Engaged in Anti-Money Laundering, Unlicensed Money Transmitting, and Sanctions Violations in Largest Corporate Resolution to Include Criminal Charges for an Executive<a href="https://t.co/yz0mCgTEOZ">https://t.co/yz0mCgTEOZ</a> <a href="https://t.co/cYdmmHCfSG">pic.twitter.com/cYdmmHCfSG</a></p>— U.S. Department of Justice (@TheJusticeDept) <a href="https://twitter.com/TheJusticeDept/status/1727064751682048197?ref_src=twsrc%5Etfw">November 21, 2023</a>
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<p><strong>Power Moves</strong></p> 
<p>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%. </p> 
<p>The eagerly awaited platform is set to launch grandly in January 2023.</p> 
<h2 class="wp-block-heading" id="h-a-glimpse-into-the-thai-business-landscape">A Glimpse Into the Thai Business Landscape</h2> 
<p>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.</p> 
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 <p><em>“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.”</em></p> 
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<h2 class="wp-block-heading" id="h-binance-remains-optimistic">Binance Remains Optimistic </h2> 
<p>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. </p> 
<p><strong>The question is: Will all go according to plan?</strong></p> 
<p>Also Read: <a href="https://coinpedia.org/news/crypto-expert-predicts-lifetime-imprisonment-for-binance-ex-ceo-changpeng-zhao-as-legal-challenges-escalate/">Crypto Expert Predicts Lifetime Imprisonment for Binance Ex-CEO Changpeng Zhao as Legal Challenges Escalate</a></p>

Binance-Gulf Energy Partnership for Thailand Faces Scrutiny

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