Binance Gets Greenlight to Operate Exchange in Thailand – Crypto News – Crypto News
Connect with us
Binance Gets Greenlight to Operate Exchange in Thailand Binance Gets Greenlight to Operate Exchange in Thailand

Cryptocurrency

Binance Gets Greenlight to Operate Exchange in Thailand – Crypto News

Published

2 years ago

on

Binance has finally locked down a digital asset license in Southeast Asia after partnering with a local business in Thailand to establish an exchange there.

Dubbed Gulf Binance, the initiative is a collaboration between the world’s largest crypto exchange and Gulf Innova Co, a wholly-owned Thai subsidiary of publicly listed holding company Gulf Energy.

It follows a year-long effort for Binance to reestablish a foothold in the country after being booted out for operating without a license amid criminal complaints from Thailand’s securities regulator.

It’s also the first license Binance has secured across the region, despite continuing to operate in several countries such as the Philippines without appropriate licensing,

The agreement between the pair, laid out in January of last year, was designed to allow the exchange a viable pathway to reenter by assuring those concerns through a domestic and publicly regulated business.

It’s a marked change from previous efforts from the major exchange which, in the pasthas operated without license at the risk of souring relationships with country officials and watchdogs.

Just last month, Binance had its derivatives license canceled in Australia over allegations it had misled retail investors by allowing them to pick up risky products designated for wholesale customers,

By partnering together, Binance and Gulf are hoping to draw in domestic users to what they’re calling a “compliant-first exchange,” a statement on Friday read.

Approximately 4.3 million individuals, equivalent to 6.47% of the total population in Thailand, own some form of crypto, according to data provided by Triple-A,

Richard Teng, Binance’s regional head of Asia, Europe and MENA said those same users would be able to expect “access to a trusted and regulated service.”

Thailand stands as “a country with a thriving crypto space that has demonstrated strong commitment in embracing blockchain technology,” Teng said in the statement.

Further details on its business operations are expected to be made available closer to the exchange’s launch date in the fourth quarter of this year.

Get the day’s top crypto news and insights delivered to your email every evening. Subscribe to Blockworks’ free newsletter now.

Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can’t-miss tweets and more from Blockworks Research’s Daily Debrief,

Can’t wait? Get our news the fastest way possible. Join us on Telegram and follow us on google news,

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending