According to the announcement, Binance is set to launch a cryptocurrency exchange in Thailand early next year through a joint venture with Gulf Energy.
Currently, Gulf Binance, the joint venture established by Binance and Gulf Innova, has received approval from the Securities and Exchange Commission of Thailand to commence operations.
Previously, in May 2023, Gulf Binance also obtained a license from the Thai Ministry of Finance, officially becoming the operator of digital assets regulated by the national SEC.
“Gulf Binance’s digital asset platform will provide services for digital asset exchange and digital asset brokerage, covering both cryptocurrencies and digital tokens, with a focus on security and compliance with SEC regulations.”
Additionally, Gulf Energy stated that initially, the exchange would be accessible only to users with an invitation code, with plans to open it to the public in early 2024.
Notably, in recent times, Binance has been continuously expanding its presence in Asia but has streamlined its operations in some European countries due to strict regulations. This suggests that Binance is shifting its focus to countries with a more crypto-friendly attitude.