Gulf Binance, a joint venture firm between Binance and Gulf Innova, has obtained a digital asset operator license from Thailand’s Ministry of Finance. Gulf Innova is a subsidiary of Gulf Energy Development which operates the firm’s digital business.
Binance announced the approval of its license on Friday, noting that the firm is aiming to launch a cryptocurrency exchange in the Southeast Asia country during the last quarter of the year. The project will see Binance combine its digital asset expertise with Gulf’s local industry knowledge and presence.
Sawasdee Thailand! ????????Our joint venture, Gulf Binance, has now been granted digital asset operator licenses by Thailand's Ministry of Finance.This opens up access to digital assets for even more people, building on our dedication to bring crypto and Web3 to the world.
— Binance (@binance) May 26, 2023
Binance Plans Launch in Thailand
Binance’s new license in Thailand comes years after the crypto exchange faced regulatory backlash from the country’s Securities and Exchange Commission for operating illegally in the country. In addition, the exchange faced opposition in other jurisdictions in Asia and across the world, including in Singapore, the Cayman Islands, Japan and the UK. However, Binance is now set to launch in Japan next month.
“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 said in a blog post.
Speaking on the development, Richard Teng, Binance’s Head of Asia, Europe and MENA, described Thailand as a country with a thriving crypto space that has demonstrated a strong commitment to embracing blockchain technology. This is even as Chainalysis’ 2022 data confirm Thailand as the eighth biggest crypto adopter in the world.
“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,” Teng explained. “Local users can expect access to a trusted and regulated service that prioritizes user security alongside compliance with local regulations.”
Binance Expands despite Hurdles
Binance’s planned launch in Thailand comes amidst the leading exchange’s efforts to build upon its presence and regulatory license portfolio across the globe. In January, the largest cryptocurrency exchange by trading volume obtained its 7th regulatory license in the EU with a new Swedish registration.
However, the exchange is still facing several regulatory challenges across the world, including in the United States, Canada and Australia.
This article was written by Solomon Oladipupo at www.financemagnates.com.
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