Binance receives the first license in Southeast Asia

A regulated crypto exchange for Thai users is scheduled to open in Q4

26.05.2023 - 13:30

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2 min

What’s new? Gulf Binance, a joint venture between crypto exchange Binance and the fintech arm of power producer Gulf Energy, received a digital asset operator license from the Ministry of Finance of Thailand. As of now, Gulf Binance can implement plans to open a digital asset exchange and brokerage in accordance with local Securities and Exchange Commission (SEC) regulations. The new platform is expected to launch nationally in the fourth quarter of 2023.

Announcement on the Binance blog

What else is known? Richard Teng, Binance’s Head of Asia, Europe, and MENA, called Thailand “a country with a thriving crypto space that has demonstrated strong commitment in embracing blockchain technology.”

“Local users can expect access to a trusted and regulated service that prioritizes user security alongside compliance with local regulations,” Teng added.

Gulf Binance has developed an ambitious roadmap, the main goal of which is to provide broad access to the service by launching a digital asset exchange that is “not only publicly trusted and SEC-regulated, but that also takes advantage of the latest advances in blockchain technology. “

Earlier, Australia’s regulator revoked Binance’s derivatives license, ordering it to close all user positions by April 21. The authorities are conducting a targeted review of Binance’s local business, including how retail and wholesale customers are classified.

And in March, the US Commodity Futures Trading Commission (CFTC) accused the global exchange and its CEO, Changpeng Zhao, of illegally providing services to US citizens, after which the media reported that the businessman intends to sell a stake in the US arm, Binance.US. That same month, a group of investors filed a $1 billion lawsuit against Binance.

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