Gulf Binance Co., Ltd, (“Gulf Binance”), has been granted a licence to operate digital assets by the Thai Ministry of Finance through the Securities and Exchange Commission (“SEC”) in Thailand. Gulf Binance is a joint venture between Binance and Gulf Innova Co. (“Gulf”) following a 2022 agreement between the two organisations to set up a digital asset exchange in Thailand.
After obtaining these licences, Gulf will be able to operate Binance as a digital asset exchange and digital asset broker and plans to launch in Thailand in the fourth quarter of 2023.
Since signing the agreement, Binance and Gulf have been working closely with regulators to ensure the formation of a compliant-first exchange, and the newly granted licences demonstrate Gulf Binance’s commitment to operate within the regulatory framework.
The joint venture brings together Binance’s unrivalled resources and wealth of expertise in the digital asset space with Gulf’s established presence and industry knowledge in Thailand. By working together, Binance and Gulf aim to drive innovation, promote growth and deliver exceptional value to Thai users in the digital asset ecosystem. More details on the new digital asset business will become available closer to its launch date in Q4 2023.
Richard Teng, Binance’s regional head of Asia, Europe and MENA, said, “We are grateful and honoured to secure the digital asset operator licence for Gulf Binance in Thailand – a country with a thriving crypto space that has shown a strong commitment to embracing blockchain technology. By leveraging 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.”