Gulf Binance, the collaborative effort between global cryptocurrency giant Binance and Gulf, officially commenced operations in Thailand on November 10, 2023. The joint venture, known as Gulf Binance, is set to follow Thailand’s regulatory framework, as stipulated by the Securities and Exchange Commission (SEC). While the platform has initially opened its doors to invited users, plans are in place to extend services to the general public in early 2024.
The announcement comes after Gulf Energy Development revealed on May 26, 2023, that it had secured a license to operate its digital asset business. Gulf Binance, a subsidiary of Gulf Innova, a firm wholly owned by Gulf Energy Development, has now received the green light from the SEC to commence its digital asset operations.
Gulf Binance Compliance with Thai SEC Regulations
The platform is designed to offer services such as digital asset trading and acting as a digital asset broker for both cryptocurrencies and digital tokens. Emphasis has been placed on security, with the platform being initially accessible to users through invitation only. A broader public launch is scheduled for early 2024.
Binance, in a blog post, highlighted the collaborative efforts made since the joint venture agreement in 2022, stating, “Ever since reaching an agreement around a joint venture back in 2022, Binance and Gulf have been working closely with Thailand’s regulators to ensure the formation of a compliant-first exchange that strictly adheres to the SEC’s guidelines.”
The collaboration aims to bring international standards to the Thai market and contribute to the progress of the country’s blockchain ecosystem. Gulf Binance plans to provide digital asset infrastructure and blockchain technology, aligning with the company’s vision for a secure and regulated cryptocurrency exchange in Thailand.
Binance’s expansion into Thailand is part of its global strategy to increase its presence and regulatory compliance. Earlier this year, Binance secured its seventh regulatory license in the European Union with a new registration in Sweden.
However, the exchange faces regulatory challenges in various jurisdictions, including the United States, Canada, and Australia. The move into the Thai market represents both an opportunity and a challenge for Gulf Binance as it navigates the evolving landscape of cryptocurrency regulations worldwide.
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