Binance joint venture granted licenses in Thailand to open regulated exchange

Quick Take

  • Gulf Binance is a joint venture between crypto exchange Binance and Gulf Innova.
  • The venture has obtained licenses from Thailand’s Ministry of Finance that will enable it to open a regulated crypto exchange in the country.

Gulf Binance, a joint venture between Binance and Gulf Innova, has obtained licenses from Thailand's Ministry of Finance to become a digital asset operator regulated by the country's SEC.

The partnership aims to launch a digital asset exchange and broker in Thailand by Q4 2023.

"Local users can expect access to a trusted and regulated service that prioritizes user security alongside compliance with local regulations," said Richard Teng, head of Asia, Europe, and MENA at Binance, in a statement.

The two entities first reached agreement about a joint venture in 2022.

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