Binance and its Thai partner Gulf Innova have secured digital asset operator licenses in Thailand to launch a new crypto exchange.
Thailand’s Ministry of Finance has granted digital asset operator licenses to Gulf Binance, a joint crypto venture between Binance and Gulf Innova, the innovation arm of Gulf Energy. These licenses authorize Gulf Binance to operate a regulated crypto exchange under the oversight of Thailand’s Securities and Exchange Commission.
In an announcement on May 26, Binance revealed that Gulf Binance plans to launch a new digital asset exchange in Thailand by the fourth quarter of 2023. This collaboration between Binance and Gulf leverages Binance’s expertise in digital assets and Gulf’s extensive knowledge of the Thai market. Over the past year, the two companies have worked closely to explore the potential of establishing a local digital asset exchange.
Gulf Energy, led by Thai billionaire Sarath Ratanavadi, initially partnered with Binance in January 2023 to study this opportunity. Richard Teng, Binance’s regional head of Asia, Europe, and Mena, stated that Gulf Binance aims to showcase the full potential of blockchain technology in meeting the needs of Thai users by combining Binance’s expertise with Gulf’s established local presence and network.
Teng also highlighted that Thailand has emerged as a crypto-friendly country, demonstrating a strong commitment to the development of crypto and blockchain.
Gulf Innova Enhancing Crypto Adoption in Thailand
Gulf Innova has made strategic investments in Binance’s US-based subsidiary, Binance.US, further solidifying their partnership. In April 2022, Gulf Energy disclosed its investment in the “Series Seed Preferred Stock issued by BAM Trading Services,” the operator of Binance.US.
The announcement arrives at a time when Thai regulators are taking steps to implement regulations aimed at safeguarding cryptocurrency investors. In January 2023, the financial regulator introduced new rules concerning crypto custody services, mandating that all crypto custodians establish contingency plans to address unforeseen circumstances.