Binance Expands Crypto Operations in South-East Asia
May 30, 2023
Secures License in Thailand & Unveils New Platform in Japan
Globally famous Cryptocurrency exchange, Binance has expanded its operations in South-East Asia after facing some challenges in Australia and the US. The crypto platform has announced that it will be available this summer.
Previously, the company discontinued operations for Japanese residents last year in November. Most importantly, the new crypto platform will require new KYC identification and verification.
Binance fully acquired SEBC (Sakura Exchange BitCoin) last year in December and through this acquisition, it entered the Japanese market. At that time, Binance was regulated by the Japanese Financial Services Agency (JFSA).
Last week, Binance got de-banked in Australia.
Read More: KYC/AML Guide/LinkedIn
Similarly, Bloomberg News reported that the US Department of Justice started investigations on Binance at the start of this month. The crypto exchange was allegedly used to allow Russians to move money through the Binance cryptocurrency holdings.
Furthermore, the company also announced the closure of its operations in Canada due to limits and a new stablecoin earlier this month.
Due to these events, Binance is facing challenges in getting its business streamlined and expanding its operations in western countries. However, this has created opportunities for Binance in the other regions, particularly in South-East Asia, where crypto is already an established industry. As it is the case of Japan, which has advanced regulatory ambiance for cryptocurrencies. The country recognizes virtual assets and BitCoin as legal property under the Payment Services Act (PSA). Furthermore, Binance has also obtained its license to launch its services in Thailand just a few days ago as a part of its expansion efforts via a partnership with Gulf Innova.
Cryptocurrencies in Japan are bound to comply with Anti-Money Laundering and Combating Terrorism Funding (AML/CTF) regulations. Also, through the new KYC (Know Your Customer) process for the newly launched Binance platform, now customers’ updated data will enhance the financial security of crypto assets.
Talking about Binance’s expansion in Thailand, it is clear from a report by Statista that 12% of the Thai population is using cryptocurrency as of 2022. So, evidently, Binance made a smart move by cashing in the market potential of the virtual currency and Crypto assets there as well.
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