Binance, the largest crypto exchange by daily trading volume, penned a partnership agreement with Gulf Innova Co, Ltd to expand to Thailand. The announcement conveyed by Binance on May 26 revealed that the crypto exchange received the Thai digital asset operator permit approval from the Ministry of Finance.
The Binance team was pleased to announce that the approval of the permit enabled the firm to provide brokerage and crypto-related services in Thailand. Per the licensing requirement, the Thai Securities and Exchange Commission (SEC) will regulate the crypto exchange.
Binance Partners with Gulf Innova
According to the Binance report, the Thai offices of “Gulf Binance” will launch in Q4 of 2023. But before the expected launch Binance team has pledged to provide further updates concerning its operation in Thailand.
A subsequent report from the Binance head of Asia, Europe, the Middle East, and North Africa, Richard Teng, revealed that Thailand had experienced high adoption of blockchain technology. He observed that recently the Thai crypto industry had witnessed gradual growth. Teng confirmed that the Ministry of Finance had approved Binance digital asset operator licenses.
In support of Teng’s argument, a Binance spokesperson applauded the Gulf Innova effort in leveraging their expertise and experiences to provide a trading platform for digital assets in the Asian country. The spokesperson announced that the Gulf constitutes the largest market for Thai.
The Gulf Innova is an affiliate of the Gulf Energy Development company that Sarath Ratanavadi owns. In 2022 the Gulf Innova team signed a memorandum of understanding (MoU) with Binance to establish a trading platform in Thailand.
Importance of Binance Expansion to Thailand
Under the partnership agreement, the Gulf Innova team will support Binance in complying with the regulation. The Gulf Innova will assist the Binance team to operate in a compliant manner.
The Binance spokesperson mentioned that the partnership with a forward-thinking company would boost customers’ experience. He admitted that the partnership would foster innovation and stimulate economic growth.
Additionally, Binance plans to utilize its extensive experience in digital assets to explore new opportunities in Thailand. The partners have been working towards examining the crucial digital assets that will perfectly meet the needs of Thai customers.
According to The Crypto Readiness Index, Thailand has a population of 72 million. Thailand ranks among the emerging crypto hubs in the Southeast Asia country. Correspondingly, a study conducted by Chainalysis revealed that Thai ranks eighth in Global Crypto Adoption.
Despite the rise of the crypto-native community in Thailand, the country imposed restrive measures on crypto-related payments in 2022. In an interview with the chief executive of Recap, Daniel Howitt mentioned that the crypto ban in Thailand had minimal impact on trading activities.
In January, the Thai regulators imposed new regulations to safeguard investors from exploitation. According to the new rules, all crypto custodial service providers in Thai must develop a contingency plan outlining the strategies to address unplanned events.
