Binance’s Joint Venture Receives a License in Thailand

Gulf Binance, a joint venture between crypto exchange Binance and Gulf Innova Co., has recently been granted a digital asset operator license from the Thai Ministry of Finance.

This new license gives more people access to digital assets and further strengthens Binance’s commitment to making cryptocurrencies and Web3 accessible to the world.

The company is now able to function as a digital asset exchange and broker, with plans to launch by the fourth quarter of 2023. The partnership between Binance and the subsidiary of Thai billionaire Sarath Ratanavandi, Gulf Energy Development Public Company Limited, began in early 2022 to ultimately set up a crypto exchange in Thailand.

Earlier in 2023, Binance had to close operations in Canada due to tightening regulations. Additionally, the Binance division in Australia had to suspend deposits in local dollars because of the actions of their payment service provider.