Binance, the famous cryptocurrency exchange, has decided to continue its expansion throughout the world by securing new regulatory approvals in Thailand.
A joint venture for crypto taken up by Gulf Innova– the innovation arm of Gulf Energy, and Binance- has cropped up, and it has been referred to as the Gulf Binance. This has also received digital asset operator licenses from the Ministry of Finance in Thailand. The licenses enable this firm to operate a crypto exchange that is regulated by the Securities and Exchange Commision of the country. This news was announced on the 26th May, and the crypto exchange stated that Gulf was also set to launch a new digital asset exchange in Thailand by Q4 2023.
Binance and Gulf Energy Have Collaborated To Create Gulf Binance
The new venture in crypto will be combining the digital asset expertise, with the deep understanding that Gulf possesses regarding the Thai market. The companies have already been working quite closely together for over a year in order to explore the opportunity to launch a local digital asset exchange. Sarath Ratanavadi, the Thai billionaire, owns Gulf Energy, and they first reached an agreement with Binance to bring up such an opportunity in January 2023. Richard Teng, the regional head of Asia, Europe, and Mena for Binance, stated that by harnessing the expertise of the two companies, Gulf aims at showcasing the full potential of blockchain technology that would be meeting the needs of the Thai users.
It was previously reported that Gulf Energy is known for making certain strategic investments in their United States based arm. In April, the firm disclosed that it had invested in Series Seed Preferred Stock issued by BAM Trading Services, which is quite a well-known operator of the US branch.
