Asia Dispatch: Binance Launches Regulated Exchange in Thailand Amid Growing Crypto Regulation Efforts

Binance, one of the world’s top crypto exchanges, is making waves in Asia with its new regulated exchange in Thailand. In a joint venture with Gulf Energy Development, led by Thai billionaire Sarath Ratanavadi, Binance is now operating a licensed crypto platform in the country.

This move comes as part of a broader trend across Asia, with countries like India and the Philippines also cracking down on unlicensed digital asset service providers. The Thai Securities and Exchange Commission (SEC) is intensifying its efforts to regulate the crypto market, citing previous disputes with Binance and Bybit as examples of unlicensed platforms facing legal action.

Despite facing accusations from the SEC in 2021 for operating without a license, Binance has now established a regulated exchange in Thailand. Meanwhile, Bybit, another platform flagged by the SEC in December 2023, continues to engage with Thai consumers, offering competitions and prizes for users.

The SEC has urged users of unlicensed platforms to withdraw their assets promptly, hinting at impending restrictions similar to those seen in India and the Philippines. This underscores the challenges faced by finance regulators in balancing the need for regulation with the growing popularity of cryptocurrencies in the region.

In other news, Hong Kong police have frozen $29 million connected to JPEX, a crypto exchange that collapsed in September, leaving over 2,600 people out of pocket. The Chinese embassy in Angola has warned its citizens to stop mining crypto following a ban by the local government, citing illegal use of electricity. The Philippines has asked Google and Apple to remove Binance apps from their app stores, following the blocking of the Binance website in the country.

With the crypto landscape in Asia evolving rapidly, it will be interesting to see how regulators and industry players navigate the challenges ahead. Stay tuned for more updates on this developing story.