The Gulf Binance is the name given to the mutual venture between Binance and Gulf Innova set to launch in Thailand.
Expanding Global Reach: Binance’s New Crypto Exchange in Thailand
Binance is renowned for its worldwide presence in the cryptocurrency industry. Even more, it continues to expand its operations with regulatory approvals in various countries.
Notably, Binance, the renowned global cryptocurrency exchange, together with Gulf Innova, an innovative arm of Gulf Energy, has successfully acquired digital asset operator licenses from the Ministry of Finance in Thailand. These licenses, issued by Thailand’s Ministry of Finance, however, subject Gulf Binance to regulation by the country’s Securities and Exchange Commission.
As a result of this regulatory approval, they are now able to establish a regulated crypto exchange within the country. The new joint venture operates under the name Gulf Binance. Its aim is to combine Binance’s digital asset expertise with Gulf Innova’s extensive knowledge of the Thai market.
Ultimately, it seeks to showcase blockchain technology’s potential and meet the demands of Thai users.
A Promising Partnership between the two Companies
Over the past year, the two companies have worked closely to explore the opportunity of launching a local digital asset exchange. Gulf Binance aims to leverage Binance’s expertise and Gulf Innova’s established local presence and network. This is to demonstrate the full potential of blockchain technology in meeting the needs of Thai users.
With the support of Binance’s regional head of Asia, Europe, and Mena, Richard Teng, the joint venture seeks to make a significant impact on the crypto landscape in Thailand.
Billionaire Backing: Gulf Energy’s Interest in Crypto
Thai billionaire Sarath Ratanavadi of Gulf Energy expressed interest in exploring the crypto market by partnering with Binance. This partnership was initiated in January 2023. It then subsequently led to the subsequent collaboration between Binance and Gulf Innova to launch a digital asset exchange in Thailand.
Thailand has not only emerged as a crypto-friendly country but has also demonstrated a strong commitment to the growth of cryptocurrency and blockchain technology.
Moreover, the regulators in Thailand have taken proactive steps by implementing regulations to protect crypto investors.
As a testament to their dedication, in January 2023, they introduced new rules for crypto custody services. These rules mandate the establishment of contingency plans to handle unforeseen events, further emphasizing the country’s forward-thinking approach.
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