Binance, a cryptocurrency exchange, is expanding its global reach by obtaining additional regulatory permits in Thailand. The Thai Ministry of Finance has granted digital asset operator licenses to Gulf Binance, a joint crypto venture of Binance and Gulf Energy’s innovation subsidiary Gulf Innova.
The country’s Securities and Exchange Commission regulates the company’s cryptocurrency exchange, allowing it to operate under the permits. The exchange said on May 26 that Gulf Binance would open a new digital asset exchange in Thailand by Q4 2023.
Binance’s digital asset expertise will be combined with the Gulf’s in-depth knowledge of the Thai market in the new crypto business. The firms have collaborated closely for more than a year to investigate the possibility of launching a local digital asset market.
Gulf Energy, owned by Thai billionaire Sarath Ratanavadi, first agreed to investigate such potential with the exchange in January 2023.
Binance’s regional head of Asia, Europe, and Mena, Richard Teng, 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 also stated that Thailand has emerged as a crypto-friendly country, exhibiting a strong commitment to crypto and blockchain.
Gulf Energy is also renowned for making key investments in Binance’s US-based subsidiary Binance.US. Moreover, in April 2022, the company made a revelation. It had invested in “Series Seed Preferred Stock issued by BAM Trading Services,” the operator of Binance.US.
The announcement comes as Thai officials work to put in place a set of rules to safeguard crypto investors. The financial authority announced new guidelines for crypto custody services in January 2023. These guidelines mandate all crypto custodians to have a backup plan in case of unanticipated circumstances.
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