Crypto Updates

Gulf Binance Secures Crypto Service Provider License in Thailand

Binance CEO Changpeng Zhao

Gulf
Binance, a joint venture firm between Binance and Gulf Innova, has obtained a
digital asset operator license from Thailand’s Ministry of Finance. Gulf Innova
is a subsidiary of Gulf Energy Development which operates the firm’s digital business.

Binance
announced the license approval on Friday, noting that the firm is aiming to launch
a cryptocurrency exchange in the Southeast Asia country during the last quarter
of the year. The project will see Binance combine its digital asset expertise
with Gulf’s local industry knowledge and presence.

Binance’s
new license in Thailand comes years after the crypto exchange faced regulatory
backlash
from the
country’s Securities and Exchange Commission for operating illegally in
the country. The exchange also faced opposition in other jurisdictions in Asia and across the world, including in Singapore, Cayman Islands, Japan and the UK. However, Binance is now set to launch in
Japan
next
month.

“Ever since
reaching an agreement around a joint venture back in 2022, Binance and Gulf
have been working closely with Thailand’s regulators…

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