A joint venture between cryptocurrency exchange Binance and Thailand-based holding company Gulf Innova, ‘Gulf Binance‘, has obtained digital asset operator licenses from the Thailand Ministry of Finance through the Securities and Exchange Commission (SEC) in Thailand.
Gulf Binance was formed by Binance and GULF following a 2022 agreement between the two organisations to set up a digital asset exchange in Thailand. Having secured the licenses, Gulf Binance can now operate as a digital asset exchange and digital asset broker. The joint venture is set to launch in Thailand in the fourth quarter of 2023.
Since entering the agreement last year, Binance and Gulf worked closely with regulators to ensure the formation of a compliant-first exchange, and the newly granted licenses demonstrate Gulf Binance’s commitment to operating within the regulatory framework.
Gulf Binance brings together Binance’s relevant resources and wealth of expertise in the digital asset space with Gulf’s established presence and industry knowledge in Thailand. By partnering together, Binance and Gulf hope to drive innovation, foster growth, and deliver exceptional value to Thai users in the digital asset ecosystem.
It revealed that further details on the new digital asset business will become available closer to the launch date towards the end of 2023.
Richard Teng, regional head of Asia, Europe and MENA at Binance, discussed the significance of the news. Teng said: “We are grateful and honoured 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.
“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 prioritises user security alongside compliance with local regulations.”