Binance and its Thai partner Gulf Innova have secured digital asset operator licenses in Thailand to launch a new crypto exchange.Cryptocurrency exchange Binance continues expanding its global reach by securing new regulatory approvals in Thailand.Gulf Binance â a joint crypto venture of Binance and Gulf Energyâs innovation arm Gulf Innova â has received digital asset operator licenses from Thailandâs Ministry of Finance. The licenses enable the firm to operate a crypto exchange regulated by the countryâs 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 by Q4 2023.
The new crypto venture will combine Binanceâs digital asset expertise with Gulfâs deep understanding of the Thai market. The companies have been closely working together for more than a year to explore the opportunity to launch a local digital asset exchange.
Thai billionaire Sarath Ratanavadiâs Gulf Energy first reached an agreement with Binance to study such an opportunity in January 2023.
âBy harnessing Binanceâs expertise together with Gulfâs established local presence and network, Gulf Binance aims to showcase the full potential of blockchain technology to meet the needs of Thai users,â Binanceâs regional head of Asia, Europe and Mena, Richard Teng, said.
The executive also said Thailand has emerged as a crypto-friendly country, demonstrating a strong commitment to crypto and blockchain.
As previously reported, Gulf Energy is also known for making strategic investments in Binanceâs United States-based arm Binance.US. In April 2022, the firm disclosed that it invested in âSeries Seed Preferred Stock issued by BAM Trading Services,â which is the operator of Binance.US.