Binance continues to strengthen its presence in different continents and countries.
Binance, the largest cryptocurrency exchange in terms of daily trading volumes, has teamed up with Gulf Innova, the innovation wing of Gulf Energy, to explore new possibilities in the Thai cryptocurrency market.
On May 26th, Binance announced that Gulf Binance, their joint venture with Gulf Innova, had successfully acquired digital asset operator licenses from the Thai Ministry of Finance.
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This green light allows the venture to initiate a crypto exchange fully compliant with the regulatory framework of Thailand's Securities and Exchange Commission. The launch of the new platform is anticipated in Q4 2023.
The strategic partnership merges Binance's extensive proficiency in digital assets with Gulf’s deep insight into the Thai market. The firms have been diligently exploring the potential for a localized digital asset exchange over the past year.
Thai billionaire Sarath Ratanavadi’s Gulf Energy began evaluating such a prospect with Binance in January 2023.
When talking about the matter, Binance’s regional head of Asia, Europe, and Mena, Richard Teng, stated:
By leveraging Binance’s proficiency, along with Gulf's strong local presence and network, Gulf Binance aspires to unlock the full potential of blockchain technology to serve Thai users.
It is worth noting that Gulf Energy is a key strategic investor in Binance.US. The firm revealed in April 2022 that it had invested in "Series Seed Preferred Stock issued by BAM Trading Services," the entity operating Binance.US.
The announcement from Gulf Binance comes as Thai regulatory bodies tighten their grip on crypto regulations for investor protection. Earlier in January 2023, new rules for crypto custody services were introduced, mandating all crypto custodians to devise contingency plans for unexpected situations.
The development of a new crypto exchange indicates the progressive steps being taken towards a crypto-friendly Thailand.