Cryptocurrency exchange Binance continues expanding its global reach by securing new regulatory approvals in Thailand.
Gulf Binance — a joint crypto venture of Binance and Gulf Energy’s innovation arm Gulf Innova — has received digital asset operator licenses from Thailand’s Ministry of Finance. The licenses enable the firm to operate a crypto exchange regulated by the country’s 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 Binance’s digital asset expertise with Gulf’s 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 Ratanavadi’s Gulf Energy first reached an agreement with Binance to study such an opportunity in January 2023.
“By harnessing Binance’s expertise together 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,” Binance’s 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 Binance’s United States-based arm Binance.US. In April 2022, the firm disclosed that it invested in “Series Seed Preferred Stock issued by BAM Trading Services,” which is the operator of Binance.US.
The news comes amid Thai regulators moving to implement a set of regulations to protect cryptocurrency investors. In January 2023, the financial regulator introduced new rules for crypto custody services, requiring all crypto custodians to have a contingency plan in case of unforeseen events.