Gulf Binance receives Thailand licenses

The Thai Ministry of Finance has issued digital asset operator licenses to Gulf Binance, a crypto venture co-founded by Binance and Gulf Energy’s innovation arm, Gulf Innova.

The permissions allow the company to operate a cryptocurrency exchange governed by the Securities and Exchange Commission.

Binance announced the news on May 26, stating that Gulf Binance will launch a new digital asset exchange in Thailand in the fourth quarter of 2023.

The new crypto venture will combine Binance’s digital asset knowledge with Gulf’s Thai market expertise. The companies have been collaborating closely for over a year to investigate the possibility of launching a local digital asset exchange.

Gulf Energy, owned by billionaire businessman Sarath Ratanavadi in Thailand, reached an agreement in January 2023 with Binance to investigate such an opportunity.

“By combining the expertise of Binance with Gulf’s established local presence and network, Gulf Binance aims to demonstrate the full potential of blockchain technology to meet the needs of Thai users,” said Richard Teng, the regional head of Asia, Europe, and North America for Binance.

“Gulf Binance aims to demonstrate the full potential of blockchain technology to meet the needs of Thai users,” said Richard Teng.

The executive added that Thailand has emerged as a crypto-friendly nation, demonstrating a solid commitment to cryptocurrencies and blockchain technology.

Gulf Energy is also known for making strategic investments in Binance’s United States-based subsidiary, Binance.US, as previously reported.

In April 2022, the company disclosed that it had acquired “Series Seed Preferred Stock issued by BAM Trading Services,” the company that operates Binance.US.