Binance has established its cryptocurrency exchange in Thailand for trade, the firm announced on Tuesday. According to a statement, the exchange, Gulf Binance, is a joint venture between Binance and Thailand’s Gulf Innova.
It will function as an exchange and brokerage platform, allowing users to buy and sell digital assets in local currencies.
Gulf Binance received a permission to operate from Thailand’s finance ministry in May 2023, and was later permitted to provide digital asset exchange services.
It is the newest cryptocurrency exchange to launch in Southeast Asia, where companies such as Coinbase, Zipmex, and Gemini have established bases.
Meanwhile, the Binance cryptocurrency exchange has been dealing with a spate of legal challenges, garnering the attention of regulators and the general public.
Binance CEO Pleads Guilty
The United States Department of Justice has leveled serious allegations against Binance and its CEO, Changpeng Zhao. These claims center on willful violations of anti-money laundering and sanctions laws, with the implication that Binance’s conduct presented a threat to the US financial system and national security.
The US Securities and Exchange Commission (SEC) has also filed accusations against Binance businesses, accusing them of operating unregistered exchanges, broker-dealers, and clearing agencies. The SEC also alleges misrepresentation of trading controls and monitoring.
These legal challenges have had a significant financial impact on Binance. The company has been involved in a $4 billion settlement, demonstrating the gravity of the claims and their possible ramifications.
Binance has been actively responding to the legal actions brought against it. The corporation has moved to dismiss the SEC case, claiming that the regulator’s allegations do not correspond to the actual activity under investigation.
Platform’s stability and validity
Furthermore, while the Ontario Securities Commission (OSC) in Canada had previously expressed concerns about Binance’s compliance with Canadian securities regulations, the business has continued to navigate its legal terrain and work to remedy these difficulties.
For Binance investors and users, these legal events raise serious concerns about the platform’s stability and validity. The uncertainty created by these legal issues may have an impact on user trust and Binance’s general impression in the cryptocurrency world.
The legal issues confronting Binance highlight the shifting regulatory landscape around the cryptocurrency business. As the business navigates these issues, it is unclear how the legal processes will affect Binance’s and the broader cryptocurrency scene.
In other cryptocurrency news, Zipmex Thailand, a digital asset exchange platform, has temporarily halted trading until January 31, 2024. This decision was made to conform with requirements imposed by Thailand’s Securities and Exchange Commission (SEC).
Thailand Suspends Zipmex Cryptocurrency Exchange
Zipmex Thailand has temporarily banned digital asset trading until January 31, 2024, in order to meet the Securities and Exchange Commission of Thailand’s standards.
Customers can still withdraw Thai baht and digital assets from their Trade Wallet during this time, but withdrawals made after January 31, 2024 will require contacting Customer Support and may take up to 14 days.
Zipmex was accused last year of operating without SEC approval, and it now faces competition from Gulf Binance, which has received permission to begin trading cryptocurrency in Thailand.
Beginning January 31, 2024, clients will need to contact Customer Support to make withdrawals, since the company will discontinue the opportunity to withdraw using the website and mobile application.
It is crucial to note that the withdrawal process for digital assets can take 7-14 days to complete.