Binance Joint Venture Licensed in Thailand


Gulf Binance, a joint venture between the bitcoin exchange and Gulf Innova Co., has received a digital asset operator license from the Thai Ministry of Finance.

“This opens up access to digital assets to even more people, building on our commitment to bring cryptocurrencies and Web3 to the world,” the post reads.

According to company representatives, Gulf Binance will be able to operate as a digital asset exchange and broker. The launch is expected in the fourth quarter of 2023.

In early 2022, Binance signed a memorandum of understanding with a subsidiary of Thai billionaire Sarath Ratanavandi, Gulf Energy Development Public Company Limited. The aim of the partnership was the launch of a crypto-exchange in the country.

Recall that in the spring of 2023, the trading platform announced the end of operations in Canada due to tightening regulation.

At the same time, the Australian division of Binance announced the suspension of deposits in local dollars due to the actions of the payment service provider.

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