• Binance and its Thai partner Gulf Innova have secured digital asset operator licenses in Thailand to launch a new crypto exchange.
• The joint venture, called Gulf Binance, is set to launch the exchange by Q4 2023.
• The new crypto venture will combine Binance’s digital asset expertise with Gulf’s deep understanding of the Thai market.

Binance and Gulf Innova Launch Crypto Exchange in Thailand

Binance and its Thai partner Gulf Innova have secured digital asset operator licenses from Thailand’s Ministry of Finance to launch a new crypto exchange. The joint venture between the two companies, called Gulf Binance, is set to launch the exchange by Q4 2023.

Combined Expertise for New Exchange

Gulf Binance will combine Binance’s digital asset expertise with Gulf’s deep understanding of the Thai market. This collaboration has been in the works for over a year now, with strategic investments made by Thai billionaire Sarath Ratanavadi’s Gulf Energy into US-based arm Binance.US in April 2022.

Crypto-Friendly Regulations

Thailand has demonstrated strong commitment towards cryptocurrency and blockchain technology as it moves towards implementing regulations to protect investors from crypto-related risks. In January 2023, the country introduced new rules for crypto custody services requiring all custodians to have contingency plans ready in case of unforeseen events.

Benefits for Local Users

Gulf Binance aims to showcase the full potential of blockchain technology for local users through its combined expertise and experience of both partners. Richard Teng, regional head of Asia, Europe and Mena at BInance said: “By harnessing Binance’s expertise together with Gulf’s established local presence and network, we can bring more benefits to users in Thailand.”

Conclusion

The news that a major global player like BInance is entering into an agreement with local partners demonstrates Thailand’s commitment towards developing an open ecosystem that embraces innovation while protecting users from risk related to cryptocurrencies and blockchain technology.