Gulf Binance Gets Operational License in Thailand

Gulf Binance, a joint ven­ture between Gulf Inno­va and Binance, will start oper­a­tions in Thai­land in Q4 2023. But is the exchange los­ing grip in oth­er markets?

As Asia opens its door to cryp­to, Binance wants to cap­i­tal­ize on the oppor­tu­ni­ty to its fullest. Chang­peng Zhao’s exchange has cre­at­ed a joint ven­ture with bil­lion­aire Sarath Ratanavadi’s Gulf Innova.

Gulf Binance Wins Digital Assets Operator License in Thailand

Binance announced that its joint ven­ture Gulf Binance had secured a dig­i­tal assets oper­a­tor license in Thailand. 

Hence, it will launch a dig­i­tal assets bro­ker­age and exchange in the fourth quar­ter of this year. With this part­ner­ship, Binance can lever­age and build upon the local indus­try knowl­edge of Gulf Innova.

Gulf Binance has been in touch with Thailand’s Secu­ri­ties and Exchange Com­mis­sion (SEC) for the past year to build a com­pli­ant busi­ness. Both par­ties are yet to announce more details of the partnership.

Late­ly, Thai­land has shown wel­com­ing ges­tures to the Web3 indus­try. It waived tax­es from the cap­i­tal raised through Ini­tial Coin Offer­ings (ICOs) in March. 

Then, in an elec­tion cam­paign, Thailand’s Pheu Thai Par­ty announced a give-away of 10,000 baht ($290) in dig­i­tal cur­ren­cy to indi­vid­u­als aged 16. 

Through such steps, Thai­land hopes to com­pete with Hong Kong, Sin­ga­pore, and Dubai in becom­ing Asia’s cryp­to hub.

Losing Grip on Other Markets?

While Chang­peng Zhao’s com­pa­ny expands to Thai­land, it seems to be weak­en­ing its hold on the Aus­tralian mar­ket. Today, the exchange delist­ed eight Aus­tralian dol­lar (AUD) spot trad­ing pairs.

The devel­op­ment came after the exchange lost its bank­ing part­ner for the AUD on-ram­p/off-ramp last week. This month, Binance also announced exit­ing the Cana­di­an mar­ket due to reg­u­la­to­ry challenges.

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