Binance and Gulf Energy to launch Thai crypto exchange. Between Binance, the world’s largest cryptocurrency exchange. And the company of a Thai billionaire, an agreement to establish a digital asset exchange. That has been reached, according to reports. Binance is the largest cryptocurrency exchange in the world in terms of trading volume.
A report published on Monday by Bloomberg stated that Binance. It is attempting to institutionalize its global operations through a cooperation with Gulf Energy Development PCL. Which was announced on the same day the piece was published. On the agenda is a discussion about Gulf Energy. That is responsible for the billionaire Sarath Ratanavadi’s fortune.
A letter sent to the Thai stock market stated that the alliance had been prompted. By the “rapid growth” that is expected in Thailand’s digital infrastructure. Over the next several years, according to the letter.
As stated by a spokeswoman for Binance, “our goal is to engage with the Thai government. And authorities, as well as forward-thinking firms. In order to further develop the crypto and blockchain ecosystem.”
Criminal Complaint Still Remain
The Thailand regulator filed a criminal complaint against the Binance exchange last year. Accusing the exchange of operating without a license.
Thailand’s Securities and Exchange Commission (SEC) issued a notice to Binance in April 2021. Warning the company about its unlawful digital asset exchange activity. However, no answer was received. As a result, the regulator filed a criminal complaint. With the Thai police, which was investigated.
Despite the allegations against Binance, users continue to trade on the platform. Expressing skepticism about the government’s ability to ban them. It is according to an article in the Bangkok Post.
Binance did not have exchange operations in Thailand at the time of the book’s publication. And the company did not actively pursue Thai users, according to a spokeswoman. For the company at the time.
The SEC’s lawsuit against Binance contained a punishment of two to five years in prison. A fine of 200,000 to 500,000 baht ($6000 – $15000), and extra fines of up to 10,000 baht. For each additional day that the violation continued. No information is available on whether or not the exchange had paid a penalty.
Despite this, Binance’s Thai Binance Facebook group still. Has more than 250,000 members, according to the company.
Binance has subjected to rising regulatory scrutiny from governments all around the world. Binance was the subject of an anti-money laundering investigation in the United States. While in the United Kingdom, banks such as Barclays and Santander. Have barred fiat withdrawals from the exchange. After receiving a warning from the Financial Conduct Authority (FCA).
Thailand’s Crypto Push to Binance and Gulf Energy
When it comes to recognizing cryptocurrency as legal tender. Thailand has taken a “slow and steady” approach to the process. In a recent announcement, the country targeted meme coins. Like as Dogecoin and non-fungible tokens. In order to implement a selective ban on cryptocurrency trade (NFTs).
In order to become a “crypto-positive” country, the country is putting in place. The necessary infrastructure. For example, the government of Thailand said last week. That it is moving forward with its efforts to regulate the local cryptocurrency ecosystem. By implementing new tax norms and regulations.
Taxes on capital gains from cryptocurrency trading have applied. In the country at a rate of 15 percent.
The Bank of Thailand announced plans to establish a cryptocurrency regulatory framework in December. With the goal of reducing trading risks and improving investor safety.
Additionally, Thailand’s Tourism Authority is developing its own digital token. Dubbed “TAT Coin,” which will accepted for travel bookings when it released. Because cryptocurrencies such as Bitcoin, Ethereum, and other digital assets. Have not yet recognized as legal cash in the country. It may be some time before travelers can really start using them for travel expenses like airfare.