Binance Joint Venture Receives License in Thailand
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- Gulf Binance, a Binance-Gulf Innova venture, receives digital asset operator licenses in Thailand.
- This is Binance’s first crypto license in Southeast Asia; more are pursued in Singapore and the Philippines.
- Despite regulatory issues in Canada and Australia, Binance holds licenses in several other jurisdictions.
Gulf Binance Co., Ltd., a joint venture between Binance and Gulf Innova Co., Ltd., has received digital asset operator licenses from the Thailand Ministry of Finance. The licenses, granted by the Thailand Securities and Exchange Commission (SEC), will enable Gulf Binance to operate as a digital asset exchange and broker in Thailand, aiming for a launch in the fourth quarter of 2023.
Securing Digital Asset Operator Licenses
The joint venture between Binance and Gulf Innova follows an agreement between the two companies in 2022 to establish a digital asset exchange in the country. Binance and Gulf Innova have since been working closely with regulators to ensure the creation of a compliant-first exchange, the press release stated.
Binance in Southeast Asia
Binance stated that receiving the licenses reaffirms the company’s commitment in operating within a regulatory framework. It should be noted that this is the company’s only crypto license in Southeast Asia so far:
- It tried but later withdrew its license bid in Singapore, although new reports stated it is trying to obtain a license again.
- It is also aiming to secure a crypto license and e-money license in the Philippines, as per news reports in 2022.
In a statement, Richard Teng, Binance Regional Head of Asia, Europe, and MENA (Middle East and North Africa) said Thailand has a thriving crypto space in the region.
“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. Local users can expect access to a trusted and regulated service that prioritizes user security alongside compliance with local regulations,” Teng said.
(Disclosure: Richard Teng contributed an article to BitPinas in the past.)
Binance had been at the crosshairs of regulators in the last few months. It has decided to withdraw from Canada after a new regulatory guideline was announced in the country. Its derivatives license in Australia was also cancelled amid a regulatory probe. The company, however, also has licenses in several jurisdictions, including, France, Italy, Bahrain, and the United Arab Emirates.
Additional details about Binance’s new digital asset business in Thailand will be released at a later date.
This article is published on BitPinas: Binance Joint Venture Receives Crypto License in Thailand
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.