Cryptocurrency exchange Binance is expanding globally and has gained regulatory approvals in Thailand.
Gulf Binance, a joint project between Binance and Gulf Energy’s innovation arm Gulf Innova, has been granted digital asset operator licenses by Thailand’s Ministry of Finance. This allows the firm to create a regulated crypto exchange recognized by the country’s Securities and Exchange Commission.
Binance announced on May 26th that Gulf Binance will launch a new digital asset exchange in Thailand by Q4 2023. The new venture will unite Binance’s digital asset proficiency with Gulf’s thorough understanding of the Thai market. The two companies have been working together for over a year, investigating the opportunity of launching a local digital asset exchange.
In January 2023, Thai billionaire Sarath Ratanavadi’s Gulf Energy made an agreement with Binance to examine this possibility.
Binance’s regional head of Asia, Europe and Mena, Richard Teng, stated that “by combining Binance’s expertise with Gulf’s established local presence and network, Gulf Binance aims to showcase the full potential of blockchain technology to meet the needs of Thai users.” Teng also mentioned that Thailand is a crypto-friendly country and has shown a strong commitment to cryptocurrency and blockchain.
Gulf Energy has also invested in Binance’s US-based arm, Binance.US. In April 2022, the company disclosed that it invested in “Series Seed Preferred Stock issued by BAM Trading Services,” the operator of Binance.US.
The announcement follows Thai regulators implementing regulations to safeguard cryptocurrency investors; in January 2023, new rules for crypto custody services required crypto custodians to have a contingency plan in case of unforeseeable events.
