Binance and Gulf Innova will launch a crypto exchange in Thailand in Q4 2023

Binance and its Thai partner Gulf Innova have obtained digital asset operator licenses in Thailand to launch a new crypto exchange. News Join us on social networks

The Binance cryptocurrency exchange continues to expand its global reach as it gains new regulatory approvals in Thailand.

Gulf Binance – a crypto joint venture of Binance and Gulf Innova, the innovation arm of Gulf Energy – has received digital asset operator licenses from the Thai Ministry of Finance. The licenses allow the company to operate a crypto exchange regulated by the country's Securities and Exchange Commission.

In announcing the news on May 26, Binance said that Gulf Binance is set to launch a new digital asset exchange in Thailand by Q4 2023.

The new crypto venture will combine Binance's expertise in digital assets with Gulf's deep understanding of the Thai market. The companies have been working closely for over a year to explore the possibility of launching a local digital asset exchange.

Thai billionaire Sarath Ratanavadi's Gulf Energy struck a deal with Binance to explore such an opportunity in January 2023.

"By leveraging Binance's expertise as well as Gulf's established local presence and network, Gulf Binance aims to unlock the full potential of blockchain technology to meet the needs of Thai users," Richard Teng, Head of Binance's regional hub for Asia, Europe, and the Mena region, says.

The executive also said that Thailand has become a crypto-friendly country, demonstrating a strong commitment to crypto and blockchain.

As noted earlier, Gulf Energy is also known for its strategic investments in Binance's US arm, Binance.US. In April 2022,