As stated by Richard Teng, Binance’s Regional Head of Asia, Europe, and MENA, “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.”
Binance will launch a new crypto exchange, Gulf Binance, in partnership with Thai firm Gulf Innova.
Binance’s new exchange will focus on providing crypto services to Thailand-based users after its launch in the fourth quarter of 2023. Moreover, Binance aims to foster local Web3 talent and drive blockchain innovation in Thailand with the release of Gulf Binance.
In its blog post, Binance claimed that after reaching an agreement with Gulf Innova in 2022, the two firms have worked with the regulators to secure the necessary licenses to operate in Thailand.
In fact, Gulf Binance has already received digital assets operator licenses from the Thailand Ministry of Finance. Thailand’s Securities and Exchange Commission (SEC) will regulate Binance’s new platform.
The news came a few months after Binance sought to re-enter the Japanese market by acquiring crypto exchange SEBC. Furthermore, Binance recently received notices from Dubai regulators asking the exchange to provide details on its board procedures as part of the application process for the MVP license.