Binance joint venture with Gulf Innova known as Gulf Binance has secured several licenses from the Ministry of Finance in Thailand.
These licenses make Gulf Binance a digital asset service provider regulated by the region’s Securities and Exchange Commission (SEC). According to the published statement, the venture is looking at kicking off operations fully as a digital asset exchange and broker in Thailand by the fourth quarter of this year.
Per a statement by Richard Teng, the Head of Asia, Europe, and Middle East and North America (MENA) at Binance “Local users can expect access to a trusted and regulated service that prioritizes user security alongside compliance with local regulations.”
Harnessing Binance And Gulf Partnership
Remarkably, this union between Binance and the Gulf Innova would be a revolution in Thailand as both entities would bring onboard their different industry proficiency. Binance’s outstanding expertise as a digital asset platform as well as Gulf’s local industry knowledge and established presence in Thailand would be instrumental to drive innovation, promote growth, and give Thai users the best value possible.
“By harnessing Binance’s expertise together with Gulf’s established local presence and network, Gulf Binance aims to showcase the full potential of blockchain technology to meet the needs of Thai users,” Teng said.
Binance First Foray Into the MENA Region
This has been their style ever since they signed a joint agreement in 2022. They have dedicated their effort to ensuring the formation of a crypto exchange in Thailand whose first call is to be entirely compliant with the SEC guidelines.
Noteworthy, Binance secured its first license in the Gulf region from Bahrain in 2021. It was an in-principle approval from the Central Bank of Bahrain (CBB). This was also Binance’s first foray into the MENA region. Changpeng ‘CZ’ Zhao, the Chief Executive Officer (CEO) of Binance mentioned that the license signified an improvement in mainstream adoption of cryptocurrency.
Binance Secures Other Licenses
In September 2022, the global leading crypto exchange received a Minimal Viable Product (MVP) from the Dubai regulator, Virtual Asset Regulatory Authority (VARA). This license authorized Binance to offer a limited range of its products and services.
Currently, the digital asset service provider is pushing to secure a regulatory license from the United Kingdom.