- Binance has obtained new regulatory approvals in Thailand as part of its ongoing global expansion.
- The new cryptocurrency project will combine the Gulf’s in-depth knowledge of the Thai market with Binance’s competence in digital assets.
Binance, a cryptocurrency exchange, has obtained new regulatory approvals in Thailand as part of its ongoing global expansion.
Thailand’s Ministry of Finance has granted licenses to Gulf Binance, a collaborative cryptocurrency project between Binance and Gulf Energy’s innovation subsidiary, Gulf Innova. These permits allow the company to run a cryptocurrency exchange under Securities and Exchange Commission regulation. By Q4 2023, Gulf Binance plans to open a new digital asset exchange in Thailand, according to a statement on May 26 by Binance.
The new cryptocurrency project will combine the Gulf’s in-depth knowledge of the Thai market with Binance’s competence in digital assets. The main objectives of this partnership are to promote innovation, growth, and accessibility of Web3 products for Thai users. The businesses have been closely collaborating to investigate the possibility of starting a regional digital asset market for over a year. Richard Teng, the regional head of Binance for Asia, Europe, and Mena, said:
“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,”
The executive added that Thailand had established itself as a cryptocurrency-friendly nation and had shown a solid commitment to cryptocurrencies and blockchain.
Gulf Energy, owned by Thai billionaire Sarath Ratanavadi, and Binance originally agreed to investigate this possibility in January 2023. The significant investments that Gulf Energy has made in Binance US, the American subsidiary of Binance, are well-known. The company revealed in April 2022 that it had purchased “Series Seed Preferred Stock issued by BAM Trading Services,” the company that runs Binance US.
This project’s planning started in 2022, according to a blog post by Binance. To assure the creation of a compliant-first exchange that strictly complies with the standards established by the Securities and Exchange Commission, the two businesses have been closely collaborating with Thailand’s authorities.
The announcement coincides with Thai officials’ efforts to put in place a set of rules to safeguard Bitcoin investors. The financial regulator introduced new regulations for cryptocurrency custody services in January 2023, requiring all crypto custodians to have a backup plan in place in the event of unforeseen circumstances.