Binance, through its subsidiary Gulf Binance Co. Ltd, has received digital asset operator licenses from the Thailand Ministry of Finance. Thailand’s Securities and Exchange Commission further regulates Digital Asset operators.
Gulf Binance is a joint venture between Binance and Gulf Innova Co. Ltd.
The Thailand licenses will allow the company to open a digital asset exchange and broker compliant with local regulations. Gulf Binance expects to launch the platform in the fourth quarter of 2023.
The Binance team added:
The joint venture brings together Binance’s extensive expertise in the digital asset space with Gulf’s local industry knowledge and established presence in Thailand. The goals of the partnership have always been to drive innovation, foster growth, and deliver the best value possible to Thai users.
Ever since reaching an agreement around a joint venture back in 2022, Binance and Gulf have been working closely with Thailand’s regulators to ensure the formation of a compliant-first exchange that strictly adheres to the SEC’s guidelines.
Binance and Gulf Innova are Committed to the Digital Transformation of Thailand
Binance’s partnership with Gulf Innova dates back to January 2022, when the crypto exchange entered into an alliance with Gulf Energy, the parent company of Gulf Innova. The partnership was geared toward accelerating the growth of digital infrastructure in Thailand.
Gulf Energy had formed Gulf Innova in December 2021.
Richard Teng, Binance’s Head of Asia, Europe, and MENA, said:
© Solana Daily Brief, Inc. All Rights Reserved. This article is for informational purposes only. It is not to be used as legal, tax, investment, financial, or other advice.We are grateful and honored to be granted digital asset operator licenses for Gulf Binance in Thailand — a country with a thriving crypto space that has demonstrated strong commitment in embracing blockchain technology.
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. Local users can expect access to a trusted and regulated service that prioritizes user security alongside compliance with local regulations.