Leading cryptocurrency exchange Binance joins forces with Gulf Innova to launch a regulatory-compliant crypto exchange and broker in Thailand.
Binance, a leading global cryptocurrency exchange, in collaboration with Gulf Innova Co., Ltd., has successfully acquired digital asset operator licenses from the Ministry of Finance of Thailand. This significant accomplishment sets the stage for the introduction of a new cryptocurrency exchange and broker that will operate in full compliance with the regulatory guidelines established by Thailand’s Securities and Exchange Commission (SEC).
Regulatory Compliance Ensured for New Crypto Platform
With the oversight of Thailand’s SEC, Binance assures users that the upcoming platform will be fully compliant with the country’s regulations. This ensures a secure and transparent environment for cryptocurrency trading and investment activities. The platform’s official launch is planned for the fourth quarter of 2023, with further details to be revealed closer to the release date.
Strategic Partnership to Drive Innovation and Growth
Gulf Innova, a subsidiary of Gulf Energy Development PCL, a prominent Thai conglomerate led by billionaire Sarath Ratanavadi, is the strategic partner in this joint venture. The partnership between Binance and Gulf Innova was established through a memorandum of understanding signed in January 2022, with the aim of exploring the potential of launching a digital asset exchange in Thailand.
Expertise and Experience at the Core of the Partnership
Binance emphasizes that its decision to partner with Gulf Innova stems from the latter’s extensive experience and expertise in the digital asset trading business. Gulf Innova is recognized as one of the largest and fastest-growing conglomerates in Thailand, with a diverse ecosystem encompassing energy production, telecommunications, and digital businesses. The partnership aims to leverage Binance’s unparalleled growth and knowledge in the digital asset space along with Gulf Innova’s established presence and understanding of the Thai market.
Thailand’s Growing Crypto Hub
Thailand has emerged as a major cryptocurrency hub in Southeast Asia, demonstrating a strong commitment to embracing blockchain technology. In January of this year, Bangkok, the capital city of the country, achieved the 10th position worldwide in The Crypto Readiness Index, which was published by Recap, a cryptocurrency tax software company. Despite the ban on cryptocurrencies as a payment method, Thailand’s regulatory environment allows for trading and investment activities related to cryptocurrencies.
A Synergy of Growth and Value
The collaboration between Binance and Gulf Innova aims to create a powerful synergy that drives innovation, fosters growth, and delivers exceptional value to users within the digital asset ecosystem. Gulf Innova will oversee the governance and compliance of the joint venture, ensuring adherence to applicable laws and regulations.
The partnership between Binance and Gulf Innova represents a significant stride forward for the cryptocurrency industry in Thailand. It contributes to the continued growth and development of the digital asset ecosystem in the country, showcasing Thailand’s position as a key player in the global crypto landscape.
Disclaimer
The information presented in this Blogpost is solely for educational and informative purposes and should not be misconstrued as investment, financial or legal advice. Cryptocurrencies are a highly unstable and speculative market and their worth is susceptible to substantial fluctuations. Therefore, it is advisable to conduct personal research and seek counsel from qualified experts before making any financial decisions.
