The Philippine Securities and Exchange Commission (SEC) issued a stern warning to the public regarding Binance, the world’s largest cryptocurrency exchange, stating that the platform is not registered in the country and lacks the necessary licenses to operate. Meanwhile, Binance faces increased regulatory scrutiny as it embarks on a significant expansion in Thailand, overcoming recent legal challenges and leadership changes.
Philippines SEC warns against Binance’s unauthorized activities
The Philippine SEC has warned citizens not to interact with Binance, citing the exchange’s lack of registration and unauthorized promotion of its platform on social media for investing and trading. The warning includes potential criminal liability for individuals promoting Binance within the country, with penalties of up to five million pesos or 21 years in prison. Binance, under new management led by Richard Teng, accepted the SEC’s statement and expressed its commitment to comply with local regulations.
There are problems in Thailand too
Despite recently settling a $4.3 billion lawsuit with U.S. authorities for money laundering and sanctions violations and the resignation of CEO Changpeng Zhao, Binance is aggressively pursuing global expansion. The focus is now shifting to Thailand, where a joint venture is underway with Gulf Energy Development, led by billionaire Sarath Ratanavadi. However, regulatory concerns arising from recent legal issues have increased challenges for Binance in Thailand.
Thai joint venture Gulf Binance Co has made significant progress by securing Digital Asset Operator Licenses from the Ministry of Finance and gaining approval from the Thai Securities and Exchange Commission. The newly appointed CEO, Richard Teng, a former regulator, brings valuable expertise to navigate the complex regulatory environment in Thailand. This strategic move aims to increase Binance’s credibility and ensure compliance in various jurisdictions.
Next year, the stock market will open in Thailand
Binance, which is focused on opening its cryptocurrency exchange in Thailand early next year, remains undaunted despite setbacks and legal challenges. The exchange’s commitment to compliance and security is evident through leadership changes and strategic partnerships, including support from influential figures such as Sarath Ratanavadi. Binance’s entry into the Thai market means it is significantly expanding its global footprint, capitalizing on the growing interest in crypto assets.
Binance’s developments regarding regulatory warnings in the Philippines and its ambitious expansion into Thailand reflect the complexity of the cryptocurrency industry in the global landscape. Time will tell how Binance will act in these two countries in the coming period.
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