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Binance faces regulatory hurdles in Thailand and Philippines

Published Nov 30, 2023 01:38
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Cryptocurrency exchange Binance is under close examination by regulatory authorities in Thailand and the Philippines, following recent developments that include a major settlement in the United States and a change in the company's leadership.

The Securities and Exchange Commission (SEC) of Thailand is intensively scrutinizing Binance's plans to establish a crypto exchange in partnership with Gulf Energy. Despite the intense regulatory oversight, Sarath Ratanavadi, CEO of Gulf Energy, expressed confidence in Binance's ability to navigate through these challenges. This confidence comes even as Binance's CEO, known as CZ, stepped down amid allegations that led to a $4.3 billion settlement with US authorities.

Simultaneously, the SEC of the Philippines issued a warning against Binance, stating the company does not have the authority to sell securities in the country. The Philippine SEC has advised local users to withdraw their investments from Binance to protect them from unregistered products. This move signals a concerted effort by the regulator to prevent Binance's operations in the Philippines, emphasizing the need to safeguard the public.

The scrutiny from regulatory bodies in both Thailand and the Philippines underscores the ongoing global debate over the regulation of cryptocurrencies and related activities. It also reflects a broader trend of increased oversight of crypto exchanges by authorities worldwide, as they seek to balance innovation with investor protection.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Binance faces regulatory hurdles in Thailand and Philippines
 

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