Binance’s Joint Venture Gulf Binance Obtains Digital Asset Operator License In Thailand
- Binance’s joint venture, Gulf Binance, has obtained a digital asset operator license from the Ministry of Finance of Thailand, allowing it to operate as a regulated exchange under the supervision of the Thailand SEC.
- The joint venture combines Binance’s expertise with Gulf’s local industry knowledge and aims to deliver innovative and compliant services to Thai users, while adhering to the SEC’s guidelines and fostering a secure trading environment.
Binance, a leading global cryptocurrency exchange, announced on May 26th that its joint venture, Gulf Binance, has successfully obtained a digital asset operator license issued by the Ministry of Finance of Thailand.
This regulatory milestone allows Gulf Binance to operate as a regulated exchange under the supervision of the Thailand Securities and Exchange Commission (SEC). The joint venture aims to commence operations in Thailand in the fourth quarter of 2023.
The joint venture between Binance and Gulf Innova combines this exchange extensive expertise in the digital asset industry with Gulf’s local industry knowledge and established presence in Thailand. The partnership’s primary objectives are to drive innovation, promote growth, and provide exceptional value to Thai users.
Since the agreement to establish the joint venture was reached in 2022, Binance and Gulf have worked closely with Thai regulators to ensure strict compliance with the guidelines set by the SEC. By adhering to regulatory standards and prioritizing compliance, Gulf Binance aims to build a trusted and secure exchange platform for Thai users.
The SEC plays a crucial role in safeguarding the Thai capital market through the formulation of policies and enforcement of financial regulations. The issuance of the digital asset operator license to the platform highlights the joint venture’s commitment to operating in full compliance with the SEC’s guidelines while delivering services to the Thai market.
In a noteworthy development from last year, Gulf Energy, a Thai energy company, established a subsidiary to invest in crypto-related industries. This strategic move demonstrates the increasing interest and involvement of traditional industries in the cryptocurrency sector within the Thai market.
The acquisition of a digital asset operator license by Binance‘s joint venture, Gulf Binance, represents a significant step towards operating as a regulated exchange in Thailand. With the backing of the exchange expertise and Gulf’s local presence, the comabination aims to provide innovative and compliant services to Thai users. The successful licensing process showcases the joint venture’s commitment to adhering to regulatory guidelines and fostering a secure environment for digital asset trading in Thailand.
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