March 27, 2024
Latest Cryptocurrency News

Binance Expands into Thailand with Regulatory Approvals for Gulf Binance 

Binance, the cryptocurrency exchange, continues to expand its global presence with recent regulatory approvals obtained in Thailand. 

Gulf Binance, a joint venture between Binance and Gulf Innova, the innovation arm of Gulf Energy, has been granted digital asset operator licenses by Thailand’s Ministry of Finance. These licenses authorize the company to operate a regulated crypto exchange under the supervision of the country’s Securities and Exchange Commission. 

Binance announced on May 26 that Gulf Binance plans to launch a new digital asset exchange in Thailand by the fourth quarter of 2023. 

The collaboration between Binance, known for its expertise in digital assets, and Gulf Energy, which possesses a deep understanding of the Thai market, has been ongoing for over a year. They have jointly explored the opportunity to establish a local digital asset exchange. 

Gulf Energy, led by Thai billionaire Sarath Ratanavadi, initially entered into an agreement with Binance to study this opportunity in January 2023. 

Richard Teng, Binance’s regional head of Asia, Europe, and Mena, highlighted that Gulf Binance aims to leverage Binance’s expertise along with Gulf’s established local presence and network to demonstrate the full potential of blockchain technology in meeting the needs of Thai users. Teng also praised Thailand’s commitment to crypto and blockchain, as the country has emerged as a cryptocurrency-friendly nation. 

In addition, Gulf Energy has made strategic investments in Binance’s U.S.-based subsidiary, Binance.US. In April 2022, the company disclosed its investment in “Series Seed Preferred Stock issued by BAM Trading Services,” which operates Binance.US. 

This development coincides with Thai regulators taking steps to implement regulations that safeguard cryptocurrency investors. In January 2023, the financial regulator introduced new rules for crypto custody services, requiring all custodians to establish contingency plans to address unforeseen events. 

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