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Cryptocurrency exchange Binance continues to expand its global presence with new regulatory approvals in Thailand.
Gulf Binance, a crypto-currency joint venture between Binance and Gulf Energy innovation arm Gulf Innova, has received digital asset operator licenses from the Thai Ministry of Finance. The licenses allow the firm to operate a cryptocurrency exchange regulated by the country’s Securities and Exchange Commission.
Announcing the news on May 26, Binance revealed that Gulf Binance is set to launch a new digital asset exchange in Thailand by the fourth quarter of 2023.
The new crypto venture will combine Binance’s digital asset expertise with Gulf’s deep understanding of the Thai market. The companies have been working closely together for over a year to explore the possibility of launching a local digital asset exchange.
Thai billionaire Sarath Rathanawady’s Gulf Energy first reached an agreement with Binance to explore such a possibility in January 2023.
“Using the experience of Binance along with the established local presence and the Gulf network, Gulf Binance aims to showcase the full potential of blockchain technology to meet the needs of Thai users,” said Binance Regional Head of Asia, Europe and Mene Richard Teng.
The CEO also said that Thailand has become a cryptocurrency-friendly country, demonstrating a strong commitment to cryptocurrency and blockchain.
As previously reported, Gulf Energy is also known for its strategic investment in the US-based division of Binance, Binance. US. In April 2022, the company revealed that it had invested in “Series Seed Preferred Shares issued by BAM Trading Services”, which is the operator of Binance. US.
Related: Binance. US seeks ways to cut Changpeng Zhao’s controlling stake
The news comes as Thai regulators are moving to implement a set of rules to protect crypto investors. In January 2023, the financial regulator introduced new rules for cryptocurrency custody services, requiring all cryptocurrency custodians to have a contingency plan.