Cryptocurrency exchange Binance continues to expand its global reach by securing new regulatory approvals in Thailand.
Gulf Binance – the crypto joint venture between Binance and Gulf Energy’s innovation arm Gulf Innova – has received digital asset operator licenses from Thailand’s Ministry of Finance. The licenses allow the firm to operate a crypto exchange regulated by the country’s Securities and Exchange Commission.
Binance announced the news on May 26, saying Gulf Binance is set to launch a new digital asset exchange in Thailand by Q4 2023.
The new crypto venture will combine Binance’s expertise in digital assets with Gulf’s deep understanding of the Thai market. The companies have been working closely together for more than a year to explore the opportunity to launch a local digital asset exchange.
Thai billionaire Sarath Ratanavadi’s Gulf Energy first achieved agreement with Binance to explore such an opportunity in January 2023.
“Leveraging Binance’s expertise together with Gulf’s established local presence and network, Gulf Binance wants to showcase the full potential of blockchain technology to meet the needs of Thai users,” said Binance Regional Head for Asia, Europe and Menu Richard Teng.
The executive director also said that Thailand has emerged as a cryptocurrency-friendly country, demonstrating a strong commitment to crypto and blockchain.
As previously reported, Gulf Energy is also known for its strategic investment in Binance.US, the United States-based branch of Binance. In April 2022 the firm revealed that it had invested “Series Seed Preferred Stock issued by BAM Trading Services”, which is the operator of Binance.US.
Related: Binance.US is looking for ways to reduce Changpeng Zhao’s majority stake
The news comes as Thai regulators prepare to introduce a set of regulations to protect cryptocurrency investors. In January 2023 the financial regulator introduced new rules for cryptocurrency custody services that require all cryptocurrency custodians to have a contingency plan in case of unforeseen events.
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