Digital asset operator Gulf Binance Co., Ltd., a joint venture between Binance and Gulf Innova Co., Ltd., has secured operator licenses from the Thailand Ministry of Finance through the Securities and Exchange Commission (SEC).
This major regulatory approval allows Gulf Binance to operate as a digital asset exchange and broker, aiming to launch its services in Thailand in the fourth quarter of 2023.
The licenses were obtained following a 2022 agreement between Binance, a leading global cryptocurrency exchange, and Gulf, a prominent Thai entity with deep industry knowledge.
Since striking the agreement, the partners have diligently worked alongside regulators to establish a compliant-first exchange, demonstrating Gulf Binance’s commitment to operating within the regulatory norms of Thailand.
Combining Binance’s wealth of experience and resources in the digital asset space with Gulf’s established presence in Thailand, the joint venture seeks to propel innovation, stimulate growth, and deliver significant value to Thai users in the digital asset ecosystem.
More specifics on the new digital asset venture will be disclosed closer to its Q4 2023 launch.
“We are grateful and honored to be granted the 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,” stated Richard Teng, Binance’s Regional Head of Asia, Europe, and MENA.
Harnessing Binance’s expertise and Gulf’s established local network, Gulf Binance aims to highlight the full potential of blockchain technology in fulfilling the needs of Thai users. Teng assured that local users can expect access to a trusted and regulated service that emphasizes user security while maintaining compliance with local regulations.
BusinessNewsAsia