- May 31, 2023
- Posted by: [email protected]
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Binance and its partner in Thailand, Gulf Innova, have obtained licenses to operate a digital asset exchange in Thailand, signaling Binance’s continued global expansion. Gulf Binance, a collaborative effort between Binance and Gulf Energy’s innovation arm Gulf Innova, has been granted digital asset operator licenses by Thailand’s Ministry of Finance. These licenses authorize the firm to establish and operate a regulated cryptocurrency exchange under the supervision of the country’s Securities and Exchange Commission.
Binance stated on May 26 that Gulf Binance intends to open a new digital asset exchange in Thailand by the fourth quarter of 2023. The partnership hopes to capitalize on Binance’s competence in the digital asset industry and Gulf’s extensive knowledge of the Thai market. Over the past year, the two companies have closely collaborated to explore the possibility of establishing a local digital asset exchange.
Gulf Energy, owned by Thai billionaire Sarath Ratanavadi, initiated discussions with Binance in January 2023 to investigate this opportunity. Richard Teng, Binance’s regional head of Asia, Europe, and Mena, expressed confidence in the partnership, stating that Gulf Binance intends to demonstrate the true potential of blockchain technology to serve the needs of Thai users by leveraging Binance’s expertise and Gulf’s local presence and network. Teng also praised Thailand for its crypto-friendly environment and strong commitment to cryptocurrencies and blockchain.
It’s worth noting that Gulf Energy has previously made strategic investments in Binance’s U.S.-based arm, Binance.US. In April 2022, the company disclosed its investment in “Series Seed Preferred Stock” issued by BAM Trading Services, the operator of Binance.US.
This announcement coincides with the Thai regulators’ efforts to establish comprehensive regulations safeguarding cryptocurrency investors. In January 2023, the financial regulator introduced new rules specifically for crypto custody services, mandating that all custodians have contingency plans in place to mitigate unforeseen events.
