Acquisition of approval for digital asset business
Major crypto asset (virtual currency) exchange Binance announced on the 26th that the digital asset exchange “Gulf Binance”, which is scheduled to be opened in Thailand, has acquired a business license.
Gulf Binance is a joint venture between a company called “Gulf Innova Co., Ltd.” and Binance. It was revealed in January last year that the two companies signed a memorandum of understanding (MoU) to collaborate. The announcement explains that they plan to launch Gulf Binance in the fourth quarter of 2023 (October to December).
Our joint venture, Gulf Binance, has now been granted digital asset operator licenses by Thailand’s Ministry of Finance.
This opens up access to digital assets for even more people, building on our dedication to bring crypto and Web3 to the world.
—Binance (@binance) May 26, 2023
connectionBinance to launch digital asset exchange in Thailand
Gulf Innova is a wholly owned subsidiary of Gulf Energy Development Public Company, whose CEO is Thai billionaire Sarath Ratanavadi. According to its official website, Gulf Energy Development is a holding company that operates in energy business, infrastructure business and digital business.
Binance explained that Gulf Innova has a deep understanding of the Thai market. The operation of the digital asset exchange will combine the strengths of Binance and the company to provide maximum value to users.
Gulf Binance is overseen by the country’s Securities and Exchange Commission (SEC). “From 2022 onwards, Binance has been communicating with regulators to set up an exchange that prioritizes compliance with SEC regulations,” it said.
According to the head of Asia, Europe and MENA at Binance, Thailand is actively using blockchain technology and the cryptocurrency space is also developing. He also commented on this announcement as follows:
Leveraging Binance’s strengths and Gulf Innova’s local influence and network, we would like to maximize the potential of blockchain technology to meet the demand of Thai users.
Thai users should expect a reliable service that prioritizes security and regulations.
Bangkok, the capital of Thailand, ranked 10th in the ranking of cities in the world with a good environment for introducing virtual currency and blockchain, which was published by Recap in 1 this year. is also shown.
connection: World city ranking leading the virtual currency area, the top is London = Recap
Binance said it will announce more details about Gulf Binance’s digital asset business closer to its launch.
What is Binance
Operates a major virtual currency exchange with a large number of traded stocks, trading volume, and registered users. In addition, we are developing a wide range of businesses such as the activities of the venture capital department, the provision of educational content, and philanthropic activities. In November 2022, it announced its entry into the Japanese market.
connection: What is Binance, the world’s largest virtual currency exchange?
Advance to Japan
Binance has been flagged by Japan’s Financial Services Agency and sued by the U.S. Commodity Futures Trading Commission (CFTC), while it is pushing ahead with global regulatory responses like this one. In Japan, we plan to start a new service for domestic residents.
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Yesterday, we announced a transition plan with the establishment of a new trading platform for Japanese residents. The global trading platform explained that it will stop providing services for Japanese residents on November 30, 2023.
This guide is also available in Japanese. The new platform for Japan will initially handle about 30 stocks for spot trading, he said.
connection: Binance announces plans to terminate global version of service for Japanese residents