Richard

Bitcoin

On November 29, 2023, despite massive regulatory challenges, Binance’s guilty plea, and a<a href="https://news.todayq.com/report-binance-to-settle-for-4-billion-with-u-s-doj-bnb-up-8/"> massive $4.3 billion in penalties</a>, Thailand’s Gulf Energy Development Pcl, led by billionaire Sarath Ratanavadi, showed its support behind the ongoing legal challenges facing the world’s largest cryptocurrency exchange, Binance. The Gulf Energy Development Pcl has teamed up with Binance, and they are set to launch the Gulf Binance Co. platform in January 2024. Binance leadership transition and regulatory commitments 
The collaboration comes as Binance undergoes a significant shift in its leadership. Richard Teng, a former regulator, has taken over as Binance CEO after Changpeng Zhao (CZ) stepped down from the role under the sweeping plea deal that resolved the <a href="https://news.todayq.com/was-cz-binance-committing-ftx-style-fraud-us-sec-alleges-this/">US criminal probe</a>.&nbsp; 
Now, Teng leads the company, highlighting a commitment to compliance services and increased corporate transparency. However, this collaboration with Gulf Energy Development will boost the confidence of Binance investors as well as community members. 
Sarath Ratanavadi, with an estimated net worth of $11 billion, expressed his confidence in Binance, mentioning that the recent U.S. settlement did not involve accusations of fraud or the misuse of customer funds, as earlier found in FTX. He also highlighted Binance’s market-leading position and the scrutiny it experienced from Thailand’s strict Securities &amp; Exchange Commission before receiving approvals. Sarath’s confidence and regulatory scrutiny in Thailand 
Addressing concerns about the crypto market’s recent challenges, including a drop in demand following last year’s digital-asset downturn, Sarath remains optimistic. He believes that tighter regulatory oversight will ultimately restore investor confidence. 
The Gulf Binance Co. platform faces obstacles, including Binance’s diminishing global crypto trading dominance amid regulatory pressures. Despite these challenges, Sarath sees potential for a crypto revival in Thailand and all over the world following the potential approval of spot Bitcoin ETF. 
Gulf Binance’s technology partner, Advanced Info Service Pcl, is expected to contribute to the joint venture’s marketing efforts through its retail outlets. “Crypto grew at a pace that was hard for regulations to keep up with,” Sarath noted. “Officials have since tightened rules and corrected business practices, and all market participants have to follow the new regulations.” 
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Thai billionaire backs Binance after regulatory scrutiny

Todayq News

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