Binance and Gulf Innova Receive Licenses for Crypto Exchange in Thailand

(CTN News) – To operate a cryptocurrency exchange and broker, Binance and Gulf Innova Co., Ltd. announced today that they had been granted digital asset operator licenses by the Ministry of Finance of Thailand.

Binance to Launch Regulatory-Compliant Crypto Exchange and Broker in Thailand

Binance has stated that the new platform will align with Thai law due to the SEC, which regulates the crypto industry in Thailand.

Binance stated that the launch of the new platform would occur in the fourth quarter of 2023, with additional information being provided closer to the launch date.

Binance’s head of Asia, Europe, and MENA Richard Teng said in a statement, “We are grateful and honoured to be granted digital asset operator licences for Gulf Binance in Thailand—a country with a thriving crypto space that has demonstrated strong commitment in embracing blockchain technology.”

The rich Thai businessman Sarath Ratanavadi runs the show at Gulf Energy Development PCL, of which Gulf Innova is a completely owned subsidiary. The Bangkok company and Binance have agreed to meet in January 2022 to discuss the feasibility of launching a digital asset exchange in Thailand.

A representative for Binance told Decrypt, “Binance’s decision to partner with Gulf for this joint venture stems from the company’s extensive experience and expertise in the digital asset trading business.”

Sawasdee Thailand! 🇹🇭

Our joint venture, Gulf Binance, has now been granted digital asset operator licenses by Thailand’s Ministry of Finance.

This opens up access to digital assets for even more people, building on our dedication to bring crypto and Web3 to the world.

— Binance (@binance) May 26, 2023

The cryptocurrency firm also emphasized that Gulf is one of Thailand’s largest and most rapidly expanding conglomerates, boasting a wide range of industries like energy generation, telecommunications, and digital enterprises.

According to the partnership agreement terms, Gulf Innova will manage and supervise the joint venture to ensure it follows all relevant rules and regulations.

“This partnership brings together Binance’s unparalleled growth and expertise in the digital asset space with Gulf’s established presence and knowledge in Thailand,” the spokesman elaborated.

Binance and Gulf hope their partnership will “drive innovation, foster growth, and deliver exceptional value to users in the digital asset ecosystem by creating a powerful synergy.”

In January of this year, bitcoin tax software startup Recap published The Crypto Readiness Index, which classified Bangkok, the country’s capital, as the tenth most crypto-ready city in the world. Bangkok is home to about 10 percent of Thailand’s 72 million people.

This is even though cryptocurrency payments were outlawed by the government as recently as 2017.

In February, Recap CEO Daniel Howitt told the Bangkok Post that the country’s restriction on cryptocurrency payments had no impact on trading or investment.

Furthermore, in Chainalysis’ Global Crypto Adoption Index for 2022, Thailand rated eighth, placing it ahead of countries like Russia, China, Nigeria, Turkey, Argentina, and the United Kingdom.