Key points

  • Gulf Binance Co, Ltd is a joint venture between Binance and Gulf.

  • The joint venture has currently received digital asset operator licenses from the Ministry of Finance of Thailand to launch a digital asset platform regulated by the country's Securities and Exchange Commission, and aims to begin operations in Thailand by the fourth quarter of 2023.

  • This partnership will combine Binance's expertise in digital assets with Gulf's deep understanding of the Thai market to provide the best experience for users.

After receiving the digital asset operator license, Gulf Binance intends to launch a new digital asset exchange in Thailand by the fourth quarter of 2023

Gulf Binance Co., Ltd. (Gulf Binance), a joint venture between Binance and Gulf Innova Co., Ltd. (Gulf), received a digital asset operator license from the country's Ministry of Finance. Digital asset operators are regulated by the Securities and Exchange Commission (SEC) of Thailand.

Gulf Binance will be able to implement plans to open a digital asset exchange and a digital asset broker in accordance with local regulations. The new platform is expected to launch in Thailand in the fourth quarter of 2023.

Binance and Gulf: A driving force for Thailand

The joint venture combines Binance's extensive experience in digital assets with local industry knowledge and Gulf's ongoing presence in Thailand. The goals of the partnership have always been to drive innovation, promote growth and provide the best experience for Thai users.

Since reaching an agreement to establish a joint venture in 2022, Binance and Gulf have been working closely with Thai regulators to ensure the establishment of the first exchange to strictly adhere to SEC guidelines.

The SEC protects Thailand's capital market by setting policy and enforcing financial regulations. The recently issued licenses demonstrate Gulf Binance's clear commitment to complying with legal requirements for serving Thai users.

Digital transformation

Richard Teng, head of Binance's Middle East, North Africa and Europe region, said: "We are grateful and honored to be awarded the digital asset operator license for Gulf Binance in Thailand, a country with an active crypto space that has demonstrated a commitment to the adoption of blockchain technology."

"By leveraging Binance's expertise together with the Gulf's local presence and network, Gulf Binance aims to demonstrate the full potential of blockchain technology to meet the needs of Thai users. Local users can expect access to a reliable and regulated service that puts user security first alongside in compliance with local regulations".

Thailand's commitment to promoting security and compliance while supporting digital innovation underscores the country's growing recognition of blockchain's potential.

Empowering Thailand's Blockchain Ecosystem

Gulf Binance has developed an ambitious roadmap and plans to start operations in Thailand by the fourth quarter of 2023. The goal is to make services accessible to all and offer a digital asset exchange that is not only community-trusted and regulated by the Securities and Exchange Commission, but also takes advantage of the latest advances in blockchain technology.

Ultimately, Gulf Binance's mission is to be the leading infrastructure service provider for the digital asset ecosystem in Thailand. A key part of this vision is the development of local Web3 talent and the growth of the blockchain landscape.

More details about the new digital asset management service will be available closer to launch.

  • Year of compliance and transparency

  • Licenses, registrations and other legal issues

  • Binance is registered as a virtual asset service provider in Spain

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