Binance, the popular cryptocurrency exchange, has received a digital asset operator license from Thailand’s Ministry of Finance for its joint venture with Gulf Innova. Gulf Innova is a subsidiary of Gulf Energy and the two firms have been working together to launch a compliant-first exchange.
Plans for the partnership
According to a press release from the joint venture, the aim of the partnership is to drive innovation, foster growth, and deliver the best value possible to Thai users. Gulf Innova had previously invested in Binance.US and with this license, Gulf Binance plans to launch its digital asset exchange and broker platform in Thailand by Q4 2023. The new platform will be overseen by Thailand’s Securities and Exchange Commission.
Goals of Gulf Binance
Gulf Binance aims to become the leading provider of infrastructure services for the digital asset ecosystem in Thailand. The exchange also plans to nurture Thailand’s Web3 talent and help drive the growth of the broader blockchain ecosystem in the country.
Binance’s commitment to compliance
Richard Teng, Binance’s Head of Asia, Europe, and MENA, stated that the new exchange would prioritize user security along with compliance with local regulations. The joint venture aims to showcase the full potential of blockchain technology to meet the needs of Thai users.
Challenges for Binance in Australia
While the news is positive for Binance in Thailand, the exchange is facing challenges in Australia. Last month, the Australian Securities and Investments Commission (ASIC) suspended Binance’s derivatives trading license on request and halted Bitcoin spot trading with Australian Dollar today. ASIC is also reportedly investigating Binance to determine whether the exchange has complied with its licensing requirements.
In summary, Binance and Gulf Innova’s joint venture has received a digital asset operator license from Thailand’s Ministry of Finance. The partnership aims to drive innovation, foster growth, and deliver the best value possible to Thai users. Gulf Binance plans to launch its digital asset exchange and broker platform in Thailand by Q4 2023, while prioritizing compliance with local regulations and user security. Despite this success, Binance is currently facing challenges in Australia, with its derivatives trading license suspended and spot trading halted.