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Shiba Inu Joins Binance Thailand: Trading Starts June 11

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Shiba Inu has gained entry in Binance Thailand boosting its adoption and visibility significantly. As per the announcement, SHIB will go live for trading from June 11 at 2:00 a.m. ET, on the BSC network through Binance TH, a subsidiary of Gulf Binance. The listing comes after a year when the top exchange received the green light from Thailand’s SEC to operate a crypto exchange and brokerage. At the time, it became the first crypto exchange to secure a permit in Southeast Asia, thanks to the partnership with Gulf Energy Development, one of Thailand’s largest private power producers.

The exchange began its operation in Thailand in the fourth quarter of 2023 as a 51-49 joint venture with Gulf Innova, the fintech arm of Gulf Energy, which invested $20 million for a 0.4% stake in Binance’s U.S. operation. Amidst regulatory troubles, the trading platform received a major respite when its US subsidiary scored a vital win following a court ruling that Florida regulators had failed to follow proper procedures for blocking the crypto exchange.

Recently, Binance published its 19th proof of reserves [PoR] report revealing notable shifts in BTC, ETH, USDT, XRP, and Shiba Inu holdings, with asset reserves totaling $124.69 billion. While Binance’s net balances reached 64,808,700,407,107 [64.8 trillion] tokens, customer net balances totaled 62,621,636,992,214 [62.62 trillion] Shiba Inu. This comprises 64.599 trillion SHIB in direct exchange balances and 209.55 billion SHIB in third-party custody. The Shiba Inu ratio of 103.49% indicates that customer holdings hold slightly higher proportion than that of Binance.

Massive Scaling Projects Awaits For Shiba Inu

In a related development, the meme coin project’s lead developer Shytoshi Kusama caught attention after he teased “massive scale” projects that are “bigger than this” in response to a tweet from Ethereum founder Vitalik Buterin. The latter recently posted a detailed tweet outlining the features that a celebrity crypto project should have. These features include public-good goals, fun mechanics that go beyond just trading a token, and the ability to last for more than 10 years.

Shiba Inu
Shiba Inu Joins Binance Thailand: Trading Starts June 11 2

Kusama responded, “Couldn’t be better timing. Walking into a meeting now to close exactly this. Well, almost exactly- we are thinking much bigger than this and on a massive scale. I’ll show this to the team for validation. Thanks, Woofmeister.”

Thailand Blocks Unauthorized Crypto Platforms To Combat Cybercrime

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Thai authorities, to enhance law enforcement efficiency and fight cybercrime, have decided to block unauthorized crypto platforms. In congruence with its previous actions of limiting access to exchanges such as Binance and Bybit, this step requires users to withdraw their funds from these platforms.

The Securities and Exchange Commission (SEC) of Thailand is working with the Ministry of Digital Economy and Society (DE) as well as other relevant agencies to restrict unauthorized entry into digital asset service providers’ platforms, according to an official statement.

This action aims at improving the effectiveness of crimes and forestalling criminals who exploit them for money laundering activities through these platforms that contribute towards online crimes.

The Secretary-General of the SEC, Mrs. Pornanong Busaratrakul, said:

The Technology Crime Prevention and Suppression Committee At the meeting on April 19, 2024, it was resolved to order the SEC to submit information on unauthorized digital asset service providers. to the Ministry of Digital Economy and Society Proceed to block access to the platform of the said service provider. 

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Comparative Crypto Measures

Regarding the next steps, the SEC will forward the matter to the Ministry of Digital Economy and Society to initiate the relevant processes and file a petition with the court. In doing so, the SEC will consider the impact on individuals using these platform services and provide service users with sufficient time to manage their accounts before access is restricted. The blocking of unauthorized platforms is a practice similar to measures taken by countries like India and the Philippines.

In the past, the SEC has taken legal action against digital asset business operators without permission and those soliciting the use of services in Thailand. This action has been facilitated by the Economic Crime Suppression Division (OCEC) within its role. Foreign platform providers, such as the cases of Binance and Bybit Fintech Limited (Bybit), have also been subject to legal proceedings.

SEC, therefore, asks users of these platforms to remove their assets immediately. At the same time, the SEC requests the public and investment community to be careful when using unauthorized crypto asset business operators’ services since they will not receive any protection offered by law or become victims of fraud or money laundering.

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Bitcoin ETFs Limited to Elite Investors in Thailand

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Bitcoin Exchange-Traded Funds (ETFs) take center stage as Thailand’s Securities and Exchange Commission (SEC) approves private funds. This decision marks a pivotal moment in the country’s financial landscape, but with a catch—only institutional investors and ultra-high-net-worth individuals will have access to these funds.

The announcement, made by SEC secretary-general Pornanong Budsaratragoon, follows the US SEC’s approval of trading spot Bitcoin ETFs, reclassifying them as securities assets. Consequently, Thai securities firms can now engage in investments in these ETFs, albeit with limitations.

The rationale behind restricting access to institutional and high-net-worth investors stems from the inherent risk associated with digital assets, particularly Bitcoin. Ms. Pornanong highlighted the need for cautious consideration due to this risk factor, emphasizing the importance of aligning with existing regulations while venturing into this burgeoning sector.

Riding the Bitcoin Wave

As Bitcoin prices surge to record highs, surpassing the $71,500 mark per coin, the timing of the SEC’s approval couldn’t be more opportune. This move opens avenues for Thai investors to capitalize on the cryptocurrency’s momentum while ensuring regulatory compliance and investor protection.

Moreover, alongside facilitating Bitcoin investments, the SEC has also approved measures proposed by the Stock Exchange of Thailand (SET) aimed at bolstering market supervision and enhancing investor confidence. These measures encompass tighter oversight on short-selling transactions, naked shorting, program trading, and high-frequency trading, all geared towards curbing stock price volatility.

The SEC’s proactive stance not only reflects Thailand’s commitment to fostering innovation in its financial markets but also underscores its dedication to upholding market integrity and investor interests. By striking a balance between facilitating access to emerging asset classes like Bitcoin and implementing robust regulatory frameworks, Thailand aims to position itself as a progressive hub for financial innovation while safeguarding the stability of its markets.

In essence, the SEC’s approval signifies a significant milestone in Thailand’s journey towards embracing digital assets, offering a glimpse into the future of finance while ensuring responsible and regulated investment practices.

Thailand Boosts Crypto Market With VAT Exemption

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To solidify Thailand’s crypto hub position, the Ministry of Finance has rolled out a significant tax exemption on digital asset transactions. Effective January 1, 2024, with no predetermined end date, this exemption from value-added tax (VAT) underscores the nation’s commitment to fostering innovation and growth within its burgeoning cryptocurrency ecosystem.

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Thailand has been conspicuously growing on the cryptocurrency scene as the country vies with leading nations in the adoption and development of the cryptocurrency market. What makes Thailand unique is its rich ecosystem, with banks venturing into digital assets.

In fact, these financial giants have placed their bets on startups and ventures related to artificial intelligence, firing up the presence of Thailand in the spotlight with digital assets. In the “Global Crypto Adoption Index” published by Chainalysis for the year 2023, Thailand ranked in the top three countries whose middle-income nations had led in the adoption of cryptocurrency.

Regulatory Reforms Signal Bright Future for Crypto

Paopoom Rojanasakul, the Secretary to the Finance Minister, said the vision of the Ministry of Finance on assets is that they act as an important tool in promoting fundraising within the country. Therefore, the government has outlined that the exemption of VAT on trading in digital assets is set to drive the growth of the crypto industry, which underpins Thailand’s digital economy in the years ahead.

This would also cover brokers and dealers licensed by the Securities and Exchange Commission (SEC) and authorized asset exchanges. This strategic move aligns with Thailand’s aspiration to emerge as a powerhouse in the digital asset landscape.

Further, the authorities are working on revising the 2019 Securities and Exchange Act to be able to categorize digital investment tokens as a security. This is going to be useful in helping to simplify frameworks. Build investor confidence. More so, with Thailand pulling asset investors into the country, such updated tax policies are likely to generate even more growth in the digital asset market.

Embracing the opportunities in developing digital assets, Mr. Paopoom emphasized that the government plays a part in ensuring stability within the financial system and delicate innovation, as well as the provision for the protection of economic integrity.

The exemption from VAT on such transactions of digital assets, however, is a testament that the nation has a commitment to embracing the future of finance. All this is while Thailand charts its way towards being a digital asset hub through the complexities of regulatory oversight and economic stability.

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Binance Thailand Unveils Trading Opportunities in the World of Cryptocurrency

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Binance and Gulf Innova, a subsidiary of Gulf Energy Development, jointly announced the commencement of trading on their collaborative cryptocurrency exchange, Binance Thailand.

“We are deeply humbled to finally announce the launch of our local platform to the general public in Thailand. Over the past year, we have been working closely with Thai regulators, putting substantial effort into detailed planning,” Nirun Fuwattananukul, CEO of Gulf Binance, said in a statement.

Binance Thailand Commences Crypto Trading

Binance Thailand is now providing digital asset exchange services featuring trading pairs with the Thai baht, while establishing integration with local banks in Thailand. Additionally, the exchange has entered into a partnership with this echange Kazakhstan to offer brokerage services, all operating under the regulatory oversight of Thailand’s Securities and Exchange Commission (SEC), according to a company statement.

The joint venture, led by Binance and Gulf Innova, ensures the full functionality of this exchange Thailand is accessible to the general public in the country. Richard Teng, the CEO of this exchange, emphasized the company’s commitment to maintaining high standards of security, transparency, and service quality in the cryptocurrency space. Teng expressed confidence in the transformative potential of blockchain technology and digital assets, particularly in fostering financial inclusion.

The strategic move is considered a significant step forward, positioning Thailand as a key player in the global digital finance landscape. BN Thailand received official approval from Thailand’s Ministry of Finance in May of the preceding year, securing a license to establish a regulated cryptocurrency exchange and brokerage. This regulatory endorsement underscores the exchange’s compliance with the legal framework and commitment to fostering a secure and transparent environment for cryptocurrency trading within Thailand.

Zipmex Halts Crypto Trading In Thailand Amid Regulatory Chaos

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The Singapore­-based crypto exchange Zipme­x, which runs in numerous Asian areas, has declare­d a temporary pause on all crypto trading and deposits in Thailand. This suspe­nsion, beginning from November 25, 2023, is due­ to regulatory hurdles and cash flow issues in the region.

To ensure that the business operations of Zipmex Company Limited (“Company”) are appropriate and compliant with the criteria set by the SEC Thailand.

The exchange announce­d the need for a pause­ to align its work with the rules laid out by Thailand’s primary digital assets authority, the­ Securities and Exchange Commission (SEC). The exchange also said that customers who wish to withdraw their funds or assets after January 31, 2024, will have to contact its customer support directly.

Zipmex Faces Multiple Hurdles In Asia

Zipmex has e­xperienced ope­rational troubles before. In April 2022, late­ payments to its customers were­ reported. The company was trying to “boost custome­r profits” by investing its money in third-party platforms. But firms like­ Babel Finance and Celsius ran into cash flow issue­s, unable to give back Zipmex’s funds.

In January 2023, the exchange face­d an investigation by Thailand’s SEC. The company was suspecte­d of breaking new laws set for digital asse­t service providers, introduced in November 2022. Zipmex and co-founde­r Akalarp Yimwilai were accused of ove­rseeing a digital asset fund without authorization.

It was also alle­ged that they did not share info about digital walle­ts and crypto deals as required by the­ Digital Assets Act. The SEC had previously submitte­d a police report against Zipmex in Se­ptember 2022.

Zipmex Seeks To Regain Trust And Resume Operations

Despite­ hurdles, the exchange plans to get back to business in Thailand at the earliest. The­y say they’re actively collaborating with the­ SEC and other key authorities to sort out problems and gain required permissions. Also, the exchange revealed a de­ep commitment to protecting the­ir customers and adhering to the­ laws in force.

Zipmex is se­eking new investors, including large­ corporations, to retrieve its digital asse­ts and reimburse its customers. The­y’ll also file a lawsuit against Zipmex Global and its trade partne­rs to compensate for customer losse­s, urging customers to join and apologizing for the suspension inconve­nience.

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Gulf Binance Launches Operations in Thailand, Sets Eyes on Early 2024 Public Opening

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Gulf Binance, the collaborative effort between global cryptocurrency giant Binance and Gulf, officially commenced operations in Thailand on November 10, 2023. The joint venture, known as Gulf Binance, is set to follow Thailand’s regulatory framework, as stipulated by the Securities and Exchange Commission (SEC). While the platform has initially opened its doors to invited users, plans are in place to extend services to the general public in early 2024.

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Gulf Binance Launches Operations in Thailand, Sets Eyes on Early 2024 Public Opening 6

The announcement comes after Gulf Energy Development revealed on May 26, 2023, that it had secured a license to operate its digital asset business. Gulf Binance, a subsidiary of Gulf Innova, a firm wholly owned by Gulf Energy Development, has now received the green light from the SEC to commence its digital asset operations.

Gulf Binance Compliance with Thai SEC Regulations

The platform is designed to offer services such as digital asset trading and acting as a digital asset broker for both cryptocurrencies and digital tokens. Emphasis has been placed on security, with the platform being initially accessible to users through invitation only. A broader public launch is scheduled for early 2024.

Binance, in a blog post, highlighted the collaborative efforts made since the joint venture agreement in 2022, stating, “Ever since reaching an agreement around a joint venture back in 2022, Binance and Gulf have been working closely with Thailand’s regulators to ensure the formation of a compliant-first exchange that strictly adheres to the SEC’s guidelines.”

The collaboration aims to bring international standards to the Thai market and contribute to the progress of the country’s blockchain ecosystem. Gulf Binance plans to provide digital asset infrastructure and blockchain technology, aligning with the company’s vision for a secure and regulated cryptocurrency exchange in Thailand.

Binance’s expansion into Thailand is part of its global strategy to increase its presence and regulatory compliance. Earlier this year, Binance secured its seventh regulatory license in the European Union with a new registration in Sweden.

However, the exchange faces regulatory challenges in various jurisdictions, including the United States, Canada, and Australia. The move into the Thai market represents both an opportunity and a challenge for Gulf Binance as it navigates the evolving landscape of cryptocurrency regulations worldwide.

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Crypto Enthusiast Takes the Helm as Thailand’s New Prime Minister

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Before entering the political realm, Srettha served as the CEO of Sansiri, a real estate firm deeply engaged in the nation’s cryptocurrency field. In 2021, Sansiri invested a 15% share in the Thai digital asset service provider XSpring, which collaborates with Krungthai Bank to run a cryptocurrency brokerage and holds a licensed ICO portal. A year later, Sansiri introduced the “SiriHub Token” on the XSpring platform, a token resembling a real estate investment trust (REIT) that generates dividends from Sansiri Campus, a significant development project by the company.

The conclusion of political tensions and the selection of Srettha Thavisin as Thailand’s upcoming Prime Minister indicates the likelihood of a 10,000 THB ‘airdrop’ event. Srettha Thavisin, a real estate entrepreneur, has been designated as Thailand’s next Prime Minister as the Pheu Thai party gains authority following a contentious election.

Crypto Airdrop Initiative on a National Scale

At the heart of Srettha’s electoral campaign lies a commitment to a nationwide ‘airdrop’ strategy, where each Thai citizen would receive 10,000 Thai baht ($300). This sum of 10,000 baht (THB) is intended for every Thai resident aged 16 and above. Notably, it can only be utilized within a four-kilometer radius of their residence, as clarified by a spokesperson from the political party in dialogue with the Bangkok Post.

The distribution process for this airdrop involves the utilization of a specially created national token, distinct from any existing digital assets or cryptocurrencies. This token can later be converted into cash by merchants at specific banks.

However, this initiative has attracted its fair share of critics due to its substantial cost, projected to amount to 500 billion THB ($14.3 billion). Moreover, concerns have been raised about the adoption of blockchain technology for this purpose, especially when Thailand already employs established digital banking schemes.

Udomsak Rakwongwan, co-founder of FWX.finance, a decentralized derivatives platform, expressed reservations about the strategy: “While I’m an advocate for blockchain adoption, the use of blockchain and tokens in this campaign might be excessive.” He pointed out that the majority of Thai citizens are already accustomed to using Paotang, a digital banking wallet designed for governmental initiatives, which could be a simpler and more feasible option compared to a potentially intricate blockchain solution.

Udomsak foresees that the new government will likely continue to introduce more permissive regulations concerning cryptocurrencies, potentially resulting in a surge of Thai cryptocurrency projects. He remarked, “Thailand’s cryptocurrency landscape is rapidly evolving,” citing Sansiri’s involvement with Initial Coin Offerings (ICOs) as an example.

Crypto Crackdown: Thailand Takes Aim at Facebook Scam Ads

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Crypto stands firm as Thailand’s Ministry of Digital Economy and Society challenges Meta’s Facebook, warning of potential legal measures unless the platform takes active steps to combat the surge of cryptocurrency scam ads. This stance declared on Monday, emphasizes the mounting apprehension about the unregulated propagation of deceptive tactics within the digital landscape.

The Ministry’s decision to potentially seek the closure of Facebook in the country is a response to the platform’s alleged failure to combat scam ads, some of which are linked to cryptocurrencies. These ads have enticed victims with promises of substantial returns on investments, primarily within the realm of digital coins and cryptocurrencies. With more than 200,000 individuals reportedly affected by these scams, the Ministry’s intention to take the matter to court signifies a significant step towards regulating online fraud.

Evidence of Facebook’s complicity in these scams is being amassed by the Ministry, with plans to present it before a local court. By doing so, Thailand aims to hold the social media giant accountable for allowing these scams to proliferate on its platform. The Ministry’s move is not just a reaction to financial losses incurred by victims, but also a reflection of the broader threat that such scams pose to the integrity of online spaces.

Crypto Celebrity Exploitation: Trust Undermined by Scammers

A particularly troubling aspect of these scams is the exploitation of celebrity images to gain victims’ trust. By leveraging the recognition and credibility associated with well-known personalities, scammers manipulate individuals into believing the legitimacy of their offers. This underscores the sophistication of modern online scams and highlights the need for platforms like Facebook to be proactive in implementing measures that can thwart such tactics.

Facebook’s response to this situation will undoubtedly set a precedent for how social media platforms address fraudulent activities on their platforms. The Ministry’s insistence on a more proactive approach from Facebook aligns with the growing global emphasis on the accountability of tech companies for the content they host. Whether this standoff will lead to Facebook adopting stricter measures to identify and remove scam advertisements or a potential shutdown in Thailand, the case serves as a reminder that the digital age necessitates responsible oversight.

In conclusion, Thailand’s Ministry of Digital Economy and Society’s threat to take legal action against Facebook showcases the escalating battle against cryptocurrency-related scams on social media platforms. By targeting Facebook’s inaction against fraudulent advertisements, the Ministry aims to safeguard its citizens from financial harm. This development underscores the pressing need for robust measures to combat online scams and emphasizes the shared responsibility of tech companies to create secure digital environments.

Crypto Crackdown: Belarus Bans Individual Transactions, Thailand Tightens Regulations

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Belarus, a country in Eastern Europe, has recently announced its plans to introduce a bill that would ban cryptocurrency transactions between individuals. The Ministry of Internal Affairs (MVD) of Belarus believes that this move will help combat money laundering and illegal activities associated with cryptocurrencies. 

The ministry aims to promote transparency and monitoring by allowing citizens to trade digital assets exclusively through official exchanges.

In a social media post on VKontakte, the Ministry of Internal Affairs stated, “The Ministry of Internal Affairs is working on legislative innovations that prohibit transactions from exchanging digital assets between individuals. 

For transparency and control, citizens will be allowed to carry out such financial transactions only through the HTP exchanges.” By implementing these restrictions, the Belarusian government hopes to make it unprofitable for fraudsters to operate within the country. 

Law enforcement agencies have already identified 27 cases of illegal cryptocurrency exchange since the beginning of 2023, with an estimated income of nearly 22 million Belarusian rubles ($8.7 million).

Thailand Introduces New Regulations for Crypto Exchanges

Belarus is not the only country taking measures to regulate the cryptocurrency industry. Thailand’s government has also introduced new regulations for digital asset exchanges. 

According to the Securities and Exchange Commission (SEC) of Thailand, digital asset businesses are now required to disclose the risks associated with trading cryptocurrencies publicly.

Furthermore, the SEC has issued rules prohibiting digital asset operators from offering loans or investments using customers’ deposited digital assets. They are also not allowed to provide returns to depositors or engage in related advertising. These measures aim to protect investors from the risks associated with digital assets.

The SEC held several meetings in 2022 and 2023 to approve these guidelines and subsequently prepared the necessary rules. The disclosure of risk warnings in cryptocurrency trading became effective on July 31, 2023, requiring operators to provide clear warnings about the high risks of cryptocurrencies. 

Additionally, starting from August 30, 2023, digital asset businesses are prohibited from accepting deposits and providing deposit-taking and lending services, with limited exceptions.

These actions by Belarus and Thailand highlight the growing efforts of governments worldwide to regulate and monitor digital asset transactions. 

However, as the popularity of cryptocurrencies continues to rise, authorities seek to strike a balance between fostering innovation and protecting their citizens from potential risks and illicit activities.

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