Binance receives a licence to operate in Thailand
Gulf Binance, the joint venture between Binance and Gulf Innova Co., has announced that it received a digital asset operator licence. It was issued by the Ministry of Finance of Thailand.
Gulf Binance brings together Binance’s extensive experience in the field of crypto assets and Gulf’s deep knowledge of the Thai market. The main goals of this partnership are to introduce innovations, foster growth and provide the best conditions and opportunities for users from Thailand.
The issuance of the licence allows the company to open a crypto exchange and work as a digital asset broker. In addition, it will be able to operate in accordance with local laws and regulations. The new platform is expected to launch in Thailand in Q4 of 2023. Its work will be monitored by the Securities and Exchange Commission of Thailand (SEC).
Since the agreement was reached in 2022, Gulf Binance has been working closely with the Thai authorities. In April this year, the SEC of Thailand announced its intention to lift restrictions for retail investors and soften its stance on investments in initial coin offerings.
Richard Teng, Binance’s Head of Asia, Europe, and MENA, noted that Thailand is a country with a prosperous crypto space, which has demonstrated strong commitment in embracing blockchain technology.
According to him, it was a great honour for Binance to be granted a licence to work with digital assets in Thailand. Gulf Binance strives to show the full potential of blockchain technology and meet the needs of Thai crypto users. They will be able to access a reliable and regulated service where user safety is a top priority alongside compliance with laws and regulations of the country.
Earlier, the management of Binance announced the launch of a new platform in Japan.