The Thailand SEC has granted digital asset licenses to Gulf Binance, a joint venture between Binance and Gulf Innova. Explore the impact of this regulatory development in the Thai cryptocurrency landscape.
The Securities and Exchange Commission (SEC) in Thailand secured digital asset operator licenses from the Thailand Ministry of Finance on behalf of Gulf Binance, a joint venture between cryptocurrency exchange Binance and Thailand-based holding firm Gulf Innova.
Following a 2022 agreement between the two organizations to establish a digital asset exchange in Thailand, Binance and GULF joined together to form Gulf_Binance. Gulf _Binance is now able to function as a digital asset exchange and broker after obtaining the necessary licenses. In the fourth quarter of 2023, the joint venture is scheduled to begin operations in Thailand.
Binance and Gulf
Binance and Gulf have been working closely with regulators to create a compliant-first exchange ever since signing the deal last year, and the recently awarded licenses show Gulf Binance’s dedication to operate within the law.
Gulf_Binance combines Binance’s extensive resources and wealth of experience in the field of digital assets with Gulf’s reputable presence and in-depth industry expertise in Thailand. Binance and Gulf intend to work together to promote growth, innovation, and outstanding value for Thai users inside the digital asset ecosystem.
It was disclosed that further information about the new digital asset company will be made public when the launch date, which is slated for the end of 2023, approaches.
Regional head of Asia, Europe, and MENA at Binance, Richard Teng, spoke about the news’ importance. “We are appreciative and honored to have been granted the digital asset operator licenses for Gulf_Binance in Thailand,” added Teng. “Thailand has a growing crypto market and has shown significant dedication to embrace blockchain technology.
Gulf_Binance intends to demonstrate the full potential of blockchain technology to fulfill the demands of Thai users by leveraging Binance’s knowledge along with Gulf’s proven local presence and network.
Local users should anticipate having access to a reputable, regulated service that prioritizes user security in addition to observing local laws.