Global cryptocurrency exchange Binance is set to expand its presence in Thailand after partnering with Gulf Energy’s innovation arm, Gulf Innova. The joint venture, dubbed Gulf Binance, has secured digital asset operator licenses from Thailand’s Ministry of Finance, enabling it to operate a crypto exchange regulated by the Securities and Exchange Commission. The new digital asset exchange is set to launch in Q4 2023.
Gulf Binance aims to combine Binance’s digital asset expertise with Gulf’s thorough understanding of the Thai market. The two companies have been working together for over a year to explore the possibility of launching a local crypto exchange. Thailand’s crypto-friendly climate and strong commitment to blockchain technology have positioned the country as an attractive market for many in the industry.
Thai billionaire Sarath Ratanavadi’s Gulf Energy was the first to reach an agreement with Binance for a joint venture back in January 2023. Gulf Energy has also made strategic investments in Binance’s United States-based arm, Binance US, which was disclosed in April 2022.
Thailand’s regulators have been taking steps to ensure the safety of cryptocurrency investors in the country. In January 2023, new regulations were introduced for crypto custody services, requiring all crypto custodians to have contingency plans in case of unforeseen events. Such measures demonstrate Thailand’s commitment to establishing a secure environment for crypto enthusiasts and investors alike.
The upcoming launch of Gulf Binance in the Thai market is a significant development for both Binance and Gulf Energy. The partnership aims to showcase the full potential of blockchain technology for Thai users, as well as contribute to the continued growth of the country’s crypto market.
While critics may still raise concerns about the risks associated with cryptocurrency investments, the partnership between Binance and Gulf Energy demonstrates that, with the right regulatory framework in place, crypto exchanges can provide a secure and attractive environment for investors. The success of Gulf Binance in Thailand will undoubtedly contribute to the ongoing debate about the role of cryptocurrencies in the global financial landscape.