Asia dispatch
- Binance currently operates a regulated exchange in Thailand in a joint venture.
- Widespread efforts to license crypto platforms are sweeping the continent.
- Thailand follows India and the Philippines.
Thai regulators are taking a tough stance against unlicensed digital asset service providers, even as Asian markets such as Hong Kong are leaning towards approving Bitcoin and Ether ETFs.
The Securities and Exchange Commission of Thailand is stepping up enforcement efforts by blocking access to fraudulent platforms, according to comments from SEC Secretary-General Polnanon Busaratrakul.
This measure is aimed at curbing money laundering activities.
Binance’s new regulated exchange
The SEC statement cited past disputes between Binance and Bybit as examples of legal action taken against unlicensed platforms.
Stay ahead with our weekly newsletter
In 2021, Binance faced charges from the SEC for operating without a license.
But in January, the world's top cryptocurrency exchange began operating a regulated cryptocurrency exchange in Thailand through a joint venture with Gulf Energy Development, led by Thai billionaire Sarat Rattanavadi.
Meanwhile, the SEC issued a warning to Bybit in December 2023 for operating without formal permission. Despite the regulatory heat, Bybit continues to engage with Thai consumers.
In February, it held a contest with prizes, including 15,000 USDT for top traders and luxury goods such as iPhones and iPads for important trades for Thai users.
Join our community for the latest stories and updates
impending restrictions
The SEC is urging users of unlicensed platforms to withdraw their assets quickly, similar to recent actions taken in India and the Philippines.
It remains unclear which platforms will face immediate SEC restrictions.
The actions in Thailand highlight financial regulators' balancing policies across the continent.
In Hong Kong, for example, the Securities and Futures Commission approved crypto ETFs while also signaling that it was seeking to curb investment fraud by requiring digital asset providers to obtain a license.
Snacks
- Hong Kong police authorities announced that they have frozen US$29 million related to JPEX. More than 2,600 people lost an estimated US$206 million in the exchange's collapse in September. A total of 72 people were arrested but have not been charged.
- The Chinese embassy in Angola has warned its citizens to stop mining cryptocurrencies after the local government banned it on April 10th. Over the past year, several Chinese nationals have been accused of mining and illegal use of electricity, he said. .
- The Philippines has asked Google and Apple to remove the Binance app from their respective local app stores. This follows the blocking of Binance's website in the country last month.
- Binance may return to the Indian market after being banned earlier this year.
Callan Quinn is DL News” Asia correspondent based in Hong Kong.contact address callan@dlnews.com.
