Binance has recently announced its collaboration with Gulf Innova Co., Ltd., and together, they have successfully obtained digital asset operator licenses from the Ministry of Finance of Thailand. This partnership ushers in a new era for the launch of a crypto exchange and broker in the country. Under the vigilant supervision of Thailand’s Securities and Exchange Commission (SEC), this new platform is set to adhere to all regulatory compliance measures.
Expected to launch in Q4 2023, Gulf Binance’s platform details will be revealed closer to its release. Binance’s head of Asia, Europe, and MENA, Richard Teng, expressed gratitude for the digital asset operator licenses granted to Gulf Binance in Thailand, a nation with a flourishing crypto space that has shown considerable dedication in adopting blockchain technology.
Gulf Innova is a wholly-owned subsidiary of Gulf Energy Development PCL, a Thai conglomerate led by billionaire Sarath Ratanavadi. Based in Bangkok, Gulf Innova and Binance signed a memorandum of understanding in January 2022 to explore the potential for launching a digital asset exchange in Thailand. A Binance spokesperson informed Decrypt that the decision to partner with Gulf for this joint venture stems from the company’s vast experience and expertise in the digital asset trading business. Gulf is one of the largest and rapidly growing conglomerates in Thailand, with a massive ecosystem covering energy production, telecommunications, and digital businesses.
In the partnership agreement, Gulf Innova will provide governance and oversight to ensure that the joint venture operates in compliance with the applicable laws and regulations. Binance’s unrivaled growth and experience in the digital asset sector, coupled with Gulf’s established presence and knowledge in Thailand, indicate a powerful synergy driving innovation, fostering growth, and delivering outstanding value to users in the digital asset ecosystem.
Thailand, with a population of nearly 72 million, has emerged as a significant crypto hub in Southeast Asia. Despite the government’s ban on cryptocurrencies as a payment method last year, the country’s capital, Bangkok, ranks 10th globally in The Crypto Readiness Index published by cryptocurrency tax software company Recap in January this year. Interestingly, this regulation does not affect trading or investment activities, according to Recap CEO Daniel Howitt.
Additionally, Thailand ranked 8th in Chainalysis’ Global Crypto Adoption Index for 2022, surpassing countries such as Russia, China, Nigeria, Turkey, Argentina, and the UK. This development highlights the nation’s commitment to blockchain technology and the continued growth of the crypto space in Southeast Asia.