Gulf Binance Secures Digital Asset Operator Licenses in Thailand
Main Takeaways
Gulf Binance Co., Ltd. is a joint venture between Binance and Gulf.
The joint venture has now received digital asset operator licenses from Thailand’s Ministry of Finance for a digital asset platform, regulated by the country’s Securities and Exchange Commission, and aims to launch operations in Thailand by Q4 2023.
The partnership will combine Binance's digital asset expertise with Gulf's deep understanding of the Thai market to deliver the best value possible to users.
Having secured digital asset operator licenses, Gulf Binance is set to launch a new digital asset exchange in Thailand by Q4 2023
Gulf Binance Co., Ltd. (Gulf Binance), a joint venture between Binance and Gulf Innova Co., Ltd. (Gulf), has now secured digital asset operator licenses from the country’s Ministry of Finance. Digital asset operators are regulated by Thailand’s Securities and Exchange Commission (SEC).
Gulf Binance will be able to move forward with plans to open a digital asset exchange and digital asset broker compliant with local regulatory guidelines. The new platform is expected to launch in Thailand in Q4 2023.
Binance & Gulf: Driving Value for Thailand
The joint venture brings together Binance's extensive expertise in the digital asset space with Gulf's local industry knowledge and established presence in Thailand. The goals of the partnership have always been to drive innovation, foster growth, and deliver the best value possible to Thai users.
Ever since reaching an agreement around a joint venture back in 2022, Binance and Gulf have been working closely with Thailand’s regulators to ensure the formation of a compliant-first exchange that strictly adheres to the SEC’s guidelines.
The SEC safeguards the Thai capital market through policy formation and the enforcement of financial rules. The newly granted licenses demonstrate Gulf Binance’s clear commitment to operating compliantly while serving Thai users.
A Digital Transformation
Richard Teng, Binance’s Head of Asia, Europe, and MENA, said: “We are grateful and honored to be granted digital asset operator licenses for Gulf Binance in Thailand — a country with a thriving crypto space that has demonstrated strong commitment in embracing blockchain technology. ”
“By harnessing 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 prioritizes user security alongside compliance with local regulations.”
Thailand’s commitment to promoting security and compliance while fostering digital innovation underscores a growing recognition of blockchain's potential in the country.
Empowering Thailand’s Blockchain Ecosystem
Gulf Binance has set an ambitious roadmap, planning to kick-start its operations in Thailand by Q4 2023. The goal is to provide accessible services to everyone, offering a digital asset exchange that is not only publicly trusted and SEC-regulated, but that also takes advantage of the latest advances in blockchain technology.
Ultimately, it is Gulf Binance’s mission to be the leading provider of infrastructure services for the digital asset ecosystem in Thailand. A key part of this vision is to nurture local Web3 talent and help spur the growth of the broader blockchain landscape.
More details on the new digital asset business will be available closer to launch.