Gulf Binance Lands Thai License, as Crypto Exchange Operations Start in Q4

Gulf Binance confirms landing the operator license to establish a Thailand crypto exchange before 2024. Binance lauded the approval of its crypto operator’s license in a Friday, May 26 statement conveyed via its official blog post. 

Gulf Binance Licensed to Operate in Thailand

The statement indicated that Gulf Binance received the license from Thailand’s finance ministry, permitting it to launch a crypto exchange and broker services in the Asian nation. 

The post lauded the approval as a significant milestone for the firm in a Gulf Innova Co joint venture. The entry of Binance into the Southeast Asia nation is set to expand the world-leading crypto exchange in transaction volume in new markets. 

The post reiterated that Gulf Binance is set for compliance with Thailand’s Securities and Exchange Commission (SEC) regulations and the country’s laws. It plans to open the new platform by the onset of the last quarter of this year. It added that Binance would disclose more details closer to the launch date.

Thailand Thriving Crypto Market

Binance executive for Asia, Europe and MENA region Richard Teng appreciated the gesture by the Thai regulator to grant the joint venture operating license. He considered Thailand among the thriving crypto markets with demonstrated government support for embracing blockchain technology.

The post outlines Gulf Innova as a futuristic operating entity wholly owned by the Gulf Energy Development PCL. The holding entity is a leading Thai Conglomerate led by Sarath Ratanavadi. The journey of the joint venture traces to January 2022, when Binance and the Bangkok-headquartered firm explored the viability of establishing and running a digital asset exchange platform in Thailand.  

Gulf Innova and Binance Expertise Key for their Success

Teng indicated that by winning the trust of the Gulf’s partner, the Changpeng Zhao-led exchange has the fundamental expertise and experience to handle digital asset trading operations.

 The crypto firm executive singled out Gulf as among the leading and fastest-growing conglomerates in the country. He cited the vast portfolio with interest in energy production, telecommunications, and digital businesses.

Friday’s post revealed that the Gulf Binance partnership tasks Gulf Innova to undertake governance and oversight responsibilities. The decision arose from the fact that the local partner has advanced awareness of applicable digital laws and regulations. Such awareness is critical to ensure Gulf Binance fully complies with Thailand laws and SEC regulations.

Ten praised the partnership as one of the equals, given the unparalleled growth and expertise portrayed by Binance within the digital asset space. Also, Gulf is a tried and proven entity with adequate knowledge of Thailand. 

Thailand Impressive Profile for Gulf Binance 

Consequently, the partnership yields a powerful synergy to drive innovation and deliver exceptional value to the platform’s users within the country’s digital asset ecosystem. 

Teng admitted that Thailand’s population of 72 million is transforming the country into a critical crypto hub within the Southeast region. Besides, its capital Bangkok is tenth as per the latest Crypto Readiness Index released in January 2023 by tax software firm Recap in cryptocurrency tax software company Recap.

The top ranking of the city and country is defying speculators who considered the 2022 ban on crypto use as a payment method would kill the digital assets industry.  

Recap chief executive Daniel Howitt admitted that imposing a ban on crypto usage as the payment method in March 2022 hardly affected the investment and trading volume. 

The revelation by the leading developer in crypto tax software, also captured in a February publication in the Bangkok Post, affirmed Thailand’s growing prominence in the digital assets space.

Gulf Binance will ultimately assume a significant role in Thailand’s crypto asset space. The joint venture is leveraging an ambitious plan for its digital asset founded on public trust, SEC compliance, and advanced blockchain technology.

Teng indicates that Gulf Binance’s journey into becoming a leading digital assets operator is guided by a plan to offer infrastructure services to support Thai’s crypto ecosystem. It targets to nurture web3 talent from the locals poised to take an active role in the country’s blockchain landscape.