Binance Pushes for Global Expansion
Last month, #Binance unveiled its joint venture crypto exchange Binance Thailand, which came in collaboration with Gulf Innova, a subsidiary of Gulf Energy Development.
Binance Thailand, abbreviated as Binance TH, provides a platform for digital asset exchange services with Thai baht trading pairs.
It has also integrated with local banks in Thailand and forged a partnership with Binance Kazakhstan for brokerage services, all under the watchful supervision of Thailand’s SEC.
The move came as Binance.US and its global parent company, Binance, have faced regulatory scrutiny in recent months.
In June, the Securities and Exchange Commission (SEC) initiated an enforcement action against them, alleging the sale of unregistered securities.
The SEC lawsuit named Binance founder Changpeng Zhao as one of the defendants, accusing him of controlling Binance.US despite claiming it operated independently.
In November, Zhao stepped down as CEO and pleaded guilty to an anti-money laundering violation, agreeing to pay a $50 million fine.
Binance, as a company, also settled with the Justice Department, the Treasury Department, the Commodity Futures Trading Commission, and the Office of Foreign Assets Control, paying a hefty $4.3 billion in penalties