Binance, one of the world’s largest cryptocurrency exchanges, and Gulf Innova, a wholly-owned subsidiary of Gulf Energy, have been granted a digital asset operator license by Thailand’s Ministry of Finance. The two firms have been working together since 2022 to launch a compliant-first exchange in Thailand. The license paves the way for Gulf Binance to launch its digital asset exchange and broker platform in Thailand by Q4 2023.
Goal of the Partnership
The joint venture aims to drive innovation, foster growth, and deliver the best value possible to Thai users. Gulf Binance aims to become the leading provider of infrastructure services for the digital asset ecosystem in Thailand. The exchange plans to prioritize user security along with compliance with local regulations.
Impact on the Blockchain Ecosystem in Thailand
In addition to launching the digital asset exchange and broker platform, Gulf Binance aims to nurture Thailand’s Web3 talent and help drive the growth of the broader blockchain ecosystem in the country. The Securities and Exchange Commission (SEC), Thailand’s crypto market watchdog, will oversee the new platform.
Binance’s Current Situation in Australia
While the joint venture has received good news in Thailand, Binance is facing pressure in Australia. Binance Australia has halted Bitcoin spot trading with Australian Dollar. Last month, the Australian Securities and Investments Commission (ASIC) suspended Binance’s derivatives trading license on request. ASIC is also reportedly investigating Binance and whether it has complied with its licensing requirements.
Gulf had previously invested in Binance.US. With the grant of a digital asset operator license, Gulf Binance aims to showcase the full potential of blockchain technology to meet the needs of Thai users. Richard Teng, Binance’s Head of Asia, Europe, and MENA, stated that by harnessing Binance’s expertise together with Gulf’s established local presence and network, Gulf Binance aims to drive innovation, foster growth, and deliver the best value possible to Thai users.