Following recent regulatory compliance, Binance is set to launch a Thai crypto exchange in 2023. Moreover, the exchange has announced a joint venture with Gulf Innova Co., and they have recently received a digital asset operator license from the Ministry of Finance of Thailand.
The license has opened the way for a cryptocurrency exchange to open in the country. Currently, crypto firms are regulated by Thailand’s Securities and Exchange Commission (SEC). Subsequently, Binance has assured that the new platform will be compliant with the country’s regulatory laws.
Sawasdee Thailand! 🇹🇭
Our joint venture, Gulf Binance, has now been granted digital asset operator licenses by Thailand's Ministry of Finance.
This opens up access to digital assets for even more people, building on our dedication to bring crypto and Web3 to the world.— Binance (@binance) May 26, 2023
Binance To Launch Thai Crypto Exchange
One of the largest cryptocurrency exchange platforms on the planet is in the midst of expanding. Specifically, Binance is set to launch a Thai crypto exchange in 2023. Moreover, the platform is expected to officially launch in the fourth quarter of the year.
Binance has stated that more information regarding the upcoming crypto change will be released as its arrival gets closer. Additionally, in their announcement, they noted the regulatory developments between them and the SEC.
“We are grateful and honored to be granted digital asset operator licenses for Gulf Binance in Thailand, a country with a thriving crypto space that has demonstrated a strong commitment to embracing blockchain technology,” Richard Teng, Binance’s head of Asia, Europe, and MENA, said in a statement.
Both Binance and the Bangkok-based Gulf Innova signed a memorandum of understanding in 2022. Specifically, the agreement regarded the exploration of a possible crypto exchange in the country. Currently, Gulf will be overseeing the venture to ensure regulatory compliance.
Conversely, the development follows Binance’s recent retreat from the Canadian market. Specifically, the exchange sighted the country’s recent regulatory action as the basis for its withdrawal.
Thailand remains a cryptocurrency hub in Southeast Asia, despite its ban on the currency as a payment method last year. Still, it has maintained its cryptocurrency embrace. Moreover,r with a population of 72 million, the move by Binance could be an immensely fruitful one.