To launch a new cryptocurrency exchange, Binance and its Thai partner Gulf Innova have obtained digital asset operator licenses in Thailand.
The Thai Ministry of Finance has granted licenses to Gulf Binance, a joint venture between Binance and Gulf Energy’s innovation unit Gulf Innova. Gulf Binance is now able to run a cryptocurrency exchange in Thailand under the supervision of the Securities and Exchange Commission of that nation.
Gulf Binance is to open a new digital asset exchange in Thailand by the fourth quarter of 2023, according to a May 26th announcement by Binance. This project will make use of Gulf’s in-depth understanding of the Thai market and Binance’s competence in the digital asset field.
The two businesses have been working closely together for more than a year to investigate the feasibility of starting a regional digital asset market.
Thai billionaire Sarath Ratanavadi’s Gulf Energy first reached an agreement with Binance to study such an opportunity in January 2023.
Combining Expertise for Success
Gulf Binance seeks to develop a platform catered to the requirements of regional customers by fusing Binance’s experience running international crypto exchanges with Gulf’s in-depth knowledge of the Thai industry. This partnership is a reflection of the Thai cryptocurrency market’s rising potential and growing interest.
The CEO from Gulf Binance claims that Thailand has shown to be a crypto-friendly nation and has demonstrated a strong commitment to the growth of the crypto and blockchain industries.
A climate for innovation and growth in the digital asset sector has been developed thanks to the legal framework and government assistance.
Gulf Energy’s Investments in Binance
In addition to participating in the Gulf Binance endeavor, Gulf Energy has strategically invested in Binance.US, the subsidiary of Binance with headquarters in the United States. Gulf Energy announced in April 2022 that it has purchased “Series Seed Preferred Stock” from BAM Trading Services, the company that runs Binance.US.
This improves the collaboration between Gulf Energy and Binance in the global cryptocurrency industry and further solidifies their partnership.