Thailand to ban unregistered crypto exchanges
The Thai government agencies decided to impose a ban on all those crypto exchanges that are unregistered with the financial regulators of the country.
Crypto & blockchain technology adoption in Thailand has been at its peak in the last few years. Notably, Thailand’s government has embraced crypto and blockchain technology, evident in various initiatives under the current administration. They’ve implemented numerous regulations to provide clarity for both investors and companies operating in the crypto space.
Recently the Thailand Securities and Exchange Commission, the Technology Crime Suppression Committee, and the Thai government collaboratively decided to fight against cybercrime, including crypto scams.
Under the newly proposed plan to combat crypto & other cyber crimes, all the crypto companies that are not registered with the Ministry of Digital Economy and Society should be blocked.
This decision will not come into effect immediately and the Thai government confirmed that they will give a decent amount of time for the platforms & citizens to withdraw funds from unregistered crypto companies so that the Thai government can achieve the twin goals of regulations and protection of the stakeholders.
Binance & Thailand
The largest crypto trading platform, Binance Holdings Ltd, wants to set up its crypto shop in Thailand with the help of Gulf Energy Development Pcl. They planned to launch a crypto exchange there but must follow Thailand’s new rules. This shows how crypto companies are looking at places like Thailand for growth in the industry.
These days Binance is under huge legal hurdles in the jurisdiction of Nigeria, as two of the Binance executives were arrested by the Nigerian authorities over money laundering & tax exemption.
On the Binance vs Nigeria case, Binance CEO Richard Teng said that they are working closely with the Nigerian authorities to settle the matter as soon as possible.
Just a few days ago, Binance settled a case with the Indian government agencies over the violation of some measures and agreed to pay a fine & further restart services for the Indian crypto investors.
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