Binance is set to launch a crypto exchange in Thailand by the fourth quarter of 2023.
Thailand’s Ministry of Finance has granted a regulatory license to a joint venture between Binance and Gulf Energy.
The crypto exchange plans to become the leading provider of infrastructure services for the digital asset ecosystem in Thailand.
The world’s largest crypto exchange has secured the necessary regulatory approvals to set up operations in Thailand. The Thai Ministry of Finance has granted digital asset operator licenses to Binance and its partner Gulf Energy, paving the way for the establishment of a new crypto exchange in Thailand by the fourth quarter of 2023.
Gulf Binance To Launch SEC Complaint Crypto Exchange
According to a press release from Binance, Gulf Binance, the joint venture between Gulf Energy’s innovation subsidiary Gulf Innova and the crypto giant, received the green flag from Thailand’s Finance Ministry to set up a digital asset exchange regulated by the country’s Securities and Exchange Commission (SEC). The exchange will reportedly go live between October and December 2023.
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. Local users can expect access to a trusted and regulated service that prioritizes user security alongside compliance with local regulations.”
Richard Teng, Binance’s Head of Asia, Europe, and MENA
The joint venture will see Binance contribute its extensive expertise in the digital asset space and Gulf contributing its local industry knowledge and established presence in Thailand. Gulf Binance is aiming to leverage the partnership to create a digital asset exchange and digital asset broker compliant with local regulatory guidelines in order to maximize value for its Thai users. The joint venture eventually plans to become the leading provider of infrastructure services for the digital asset ecosystem in Thailand. Nurturing local web3 talent and fostering the growth of the Thai blockchain ecosystem is part of Gulf Binance’s roadmap.