Binance Joint Venture Granted Licenses to Open Regulated Crypto Exchange in Thailand

Binance, the world’s largest crypto exchange, and Gulf Innova, a Thai digital asset company, have announced a joint venture to launch a regulated crypto exchange in Thailand.

The joint venture, called Gulf Binance, has obtained licenses from Thailand’s Ministry of Finance to become a digital asset operator regulated by the country’s SEC. The exchange is expected to launch in Q4 2023.

“We are excited to partner with Gulf Innova to bring our world-class crypto exchange to Thailand,” said Changpeng Zhao, CEO of Binance. “This partnership will allow us to provide Thai users with a trusted and regulated platform to trade cryptocurrencies.”

“We are confident that Gulf Binance will be a major player in the Thai crypto market,” said Sarath Ratanavadi, CEO of Gulf Energy Development PCL, the parent company of Gulf Innova. “We are committed to working with Binance to provide Thai users with a safe and secure platform to trade cryptocurrencies.”

The launch of Gulf Binance is a major step for Binance in its expansion into Southeast Asia. The company has already launched exchanges in Indonesia, the Philippines, and Vietnam.

Thailand is a growing market for cryptocurrencies. The country has a population of over 70 million people and a growing middle class.

The Thai government has been supportive of the cryptocurrency industry, and the SEC has issued a number of regulations to govern the industry.