Cryptocurrency exchange Binance continues to expand its global reach by securing new regulatory approvals in Thailand.
Gulf Binance — a crypto venture by Binance and Gulf Energy’s Gulf Innova innovation arm — has received a license to operate digital assets from the Thai Ministry of Finance. The licenses allow the company to operate a cryptocurrency exchange regulated by the country’s Securities and Exchange Commission.
Announcing the news on May 26, Binance said Gulf Binance is set to launch a new digital asset exchange in Thailand in Q4 of 2023.
The new crypto venture will combine Binance’s digital asset expertise with Gulf’s deep understanding of the Thai market. The companies have been working closely together for over a year to explore the opportunity to launch a local digital asset exchange.
Gulf Energy by Thai billionaire Sarath Ratanavadi first reached an agreement with Binance to research such an opportunity in January 2023.
“By harnessing Binance’s expertise along with Gulf’s established network and local presence, Gulf Binance aims to showcase the full potential of blockchain technology to fulfill the needs of the blockchain industry. demand of Thai users,” said Binance head of Asia, Europe and Mena, Richard Teng.
The CEO also said that Thailand has emerged as a crypto-friendly country, demonstrating a strong commitment to cryptocurrencies and blockchain.