Binance and Gulf Innova have obtained licenses in Thailand to launch a new cryptocurrency exchange.
Binance, the cryptocurrency exchange, is expanding its presence globally and has recently gained regulatory approvals in Thailand.
Gulf Binance, a collaboration between Binance and Gulf Innova (Gulf Energy’s innovation arm), has obtained licenses from Thailand’s Ministry of Finance to operate as a digital asset operator. These licenses allow the company to run a regulated cryptocurrency exchange under the supervision of the country’s Securities and Exchange Commission.
Binance announced on May 26th that Gulf Binance plans to launch a new cryptocurrency exchange in Thailand by the fourth quarter of 2023.
The new crypto venture will bring together Binance’s knowledge of digital assets and Gulf’s extensive understanding of the Thai market. The companies have been collaborating for over a year to explore the possibility of launching a digital asset exchange specifically for the local market.
Thai billionaire Sarath Ratanavadi’s Gulf Energy initially partnered with Binance in January 2023 to explore the possibility of launching a digital asset exchange.
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Richard Teng, Binance’s regional head for Asia, Europe, and Mena, expressed that Gulf Binance intends to leverage Binance’s expertise and Gulf’s existing local presence to demonstrate how blockchain technology can fulfill the requirements of Thai users.
The executive also mentioned that Thailand has shown itself to be supportive of cryptocurrencies and blockchain technology, displaying a strong dedication to their development.
As mentioned before, Gulf Energy has made strategic investments in Binance’s US-based subsidiary, Binance.US. In April 2022, Gulf Energy disclosed its investment in the “Series Seed Preferred Stock” of BAM Trading Services, the operator of Binance.US.
The announcement comes at a time when Thai regulators are working on implementing regulations to safeguard cryptocurrency investors. In January 2023, the financial regulator introduced new rules specifically for crypto custody services, mandating that all custodians of cryptocurrencies must have a backup plan in case of unexpected events.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.