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Binance will launch an exchange in Thailand

Binance Company getting ready to expand to Thailand through the launch of a joint trading platform with a division of billionaire Sarath Ratanavandi’s Gulf Energy holding.

According to the documents for SETa new firm called Gulf Binance received approval to provide services from the local Securities and Exchange Commission.

In May Ministry of Finance Thailand issued joint project a digital asset operator license.

“The Gulf Binance platform will provide exchange and brokerage services for both cryptocurrencies and other digital tokens, while prioritizing security and compliance,” the company said in a statement.

Gulf Energy added that the exchange will initially be open to users “by invitation only”, and general access will be launched in early 2024.

Holding reported on the registration of the Gulf Innova subsidiary in December 2021. The stated goal of the enterprise is to expand and strengthen the business in the field of digital transformation.

In January 2022, Binance signed a memorandum of understanding with Gulf Energy. At that moment, the parties began to explore the possibility of launching a crypto exchange.

In April, firms submitted applications for the appropriate licenses.

In October 2023, KBank acquired the Thai crypto exchange Satang for $102.8 million.

Source: Cryptocurrency

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