Gulf Binance secures Thailand crypto exchange license

The new venture comes as the country’s regulators are working to establish the correct guidelines to protect investors in crypto.

Gulf Binance, the joint venture between cryptocurrency exchange Binance and its partner Gulf Innova, is set to launch a crypto exchange in Thailand.

Operations are expected to begin in the fourth quarter of 2024. Both firms have secured digital asset operator licenses from Thailand’s Ministry of Finance.

The firm now has the required licences to operate its crypto exchange regulated by the Southeast Asian country’s Securities and Exchange Commission (SEC).

For over a year, both companies have collaborated to explore the option of launching a local digital asset exchange.

By receiving the Thailand go-ahead, the new crypto initiative will combine Binance’s experience in digital assets with Gulf’s familiarisation of the Thai market.

Binance’s regional head of Asia, Europe and Mena, Richard Teng, noted that Thailand is an emerging crypto-friendly country, “with a thriving crypto space” and one that demonstrated a strong commitment to the blockchain sector.

“By harnessing Binance’s expertise together with Gulf’s established local presence and network, Gulf Binance aims to showcase the full potential of blockchain technology to meet the needs of Thai users,” he said.

The new venture comes at a time when regulators in the country are working to establish the correct guidelines to protect investors in crypto.

The Thai SEC introduced rules for crypto custody services in January 2023, requiring all crypto holders to have a contingency plan in the case of unplanned and unforeseen events.

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Written by Isabella Aslam

Reporter

Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.

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