Gulf Binance Secures Crypto Service Provider License in Thailand

Gulf Binance, a joint venture firm between Binance and Gulf Innova, has obtained a digital asset operator license from Thailand’s Ministry of Finance. Gulf Innova is a subsidiary of Gulf Energy Development which operates the firm’s digital business.

Binance announced the license approval on Friday, noting that the firm is aiming to launch a cryptocurrency exchange in the Southeast Asia country during the last quarter of the year. The project will see Binance combine its digital asset expertise with Gulf’s local industry knowledge and presence.

Binance’s new license in Thailand comes years after the crypto exchange faced regulatory backlash from the country’s Securities and Exchange Commission for operating illegally in the country. The exchange also faced opposition in other jurisdictions in Asia and across the world, including in Singapore, Cayman Islands, Japan and the UK. However, Binance is now set to launch in Japan next month.

“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,” Binance said in a blog post.