Binance Inches Closer to Thailand Crypto Exchange Launch, But Scams Still a Concern
Binance, the world’s largest cryptocurrency exchange, is set to expand its global footprint with an anticipated crypto exchange launch in Thailand.
This is a joint venture with Gulf Innova, a unit of Gulf Energy Development, which has recently received approval from Thailand’s Securities and Exchange Commission.
Binance Eyes Thailand Crypto Exchange Rollout
In a statement to the Stock Exchange of Thailand, Gulf Energy Development revealed that Gulf Binance had secured the necessary licenses from Thailand’s Ministry of Finance, marking a significant milestone as a regulated digital asset operator.
The company stated in its filing:
“Gulf Binance’s digital asset platform will provide digital asset exchange and digital asset broker services for both cryptocurrencies and digital tokens, prioritizing security and compliance with SEC regulations.”
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Despite this progressive step, concerns over cryptocurrency scams in Thailand persist. Binance has been instrumental in assisting Thai law enforcement agencies in addressing these challenges. The exchange played a pivotal role in two major operations that dismantled criminal networks involved in substantial cryptocurrency scams.
The first operation, dubbed “Operation Trust No One,” led to the arrest of individuals behind a widespread ‘pig butchering’ scam. This term describes a hybrid investment-romance fraud preying on novice investors. This operation, resulting in the seizure of assets worth over $277M, highlighted the impact of such scams on Thai citizens.
Government Adapting New Crypto Tax And Security Regulations
In another notable effort, Binance contributed to the disruption of a large transnational cryptocurrency scam network, leading to multiple arrests and the confiscation of luxury assets and cash.
Tigran Gambaryan, Binance’s Head of Financial Crime Compliance, also emphasized the global scope of their security efforts, stating,
“Our sustained effort brought tangible results, reiterating how genuine security is not hemmed in by geographical limitations.”
The planned launch of the Binance exchange in Thailand comes amid evolving regulations. Overall, many expect the country’s new government to adopt a stance more friendly to crypto.
This development is particularly significant as Thailand’s crypto exchange scene is currently dominated by Bitkub. However, with reports of new tax regulations on overseas income for crypto traders, the future remains uncertain.