| Gulf
Binance, a joint venture between the largest crypto exchange Binance
and Thailander private power producers Gulf Energy Development's fintech
arm Gulf Innova, has obtained a new license from Thailand's Securities and Exchange Commission. The
approval marked Binance's first license in Southeast Asia and the
Thailander regulator's seventh exchange and brokerage license. - The
license will allow the firm to operate as a registered digital asset
exchange and to offer crypto brokerage services in the country.
- The joint venture will start operations in Q4 of this year.
- Binance is expected to change the power balance in Thailand's digital asset market.
- Local crypto exchange Bitkub currently has market dominance, with around a 75.4% share.
- Richard
Teng, Binance's regional head of Asia, said the Thailanders would be
able to access a trusted and regulated exchange and brokerage service
prioritizing customer security and compliance with local regulations.
- Gulf Innova and Binance first signed a deal to launch a joint venture in 2022.
- At the time, Gulf Energy Development invested $20M in Binance's U.S. arm, Binance.US, for a 0.4% stake.
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