Gulf Binance, a joint venture between Binance and Gulf Innova, has obtained a digital asset operator license from the Thai Ministry of Finance. Gulf Innova is a subsidiary of Gulf Energy Development that operates the company’s digital business.
Binance announced the license approval on Friday, noting that the company aims to launch a cryptocurrency exchange
Cryptocurrency exchange
A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset. Similar to a generalized financial exchange, the primary function of a crypto exchange is to enable and encourage the buying and selling of cryptos. This is accomplished by producing a stable trading environment suitable for interlocking traders in different locations around the world. Sometimes a crypto exchange may be called a digital currency exchange (DCE) f
A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset. Similar to a generalized financial exchange, the primary function of a crypto exchange is to enable and encourage the buying and selling of cryptos. This is accomplished by producing a stable trading environment suitable for interlocking traders in different locations around the world. Sometimes a crypto exchange may be called a digital currency exchange (DCE) f
Read this term in the Southeast Asian country during the last quarter of the year. The project will see Binance combine its expertise in digital assets with Gulf’s local industry knowledge and presence.
Sawasdee Thailand! 🇹🇭
Our joint venture, Gulf Binance, has now been granted digital asset operator licenses by the Thai Ministry of Finance.
This opens up access to digital assets to even more people, building on our commitment to bringing crypto and Web3 to the world.
— Binance (@binance) May 26, 2023
Binance’s new license in Thailand comes years after the crypto exchange faced a regulatory backlash from the country’s Securities and Exchange Commission for operating illegally in the country. The exchange also faced opposition from other jurisdictions in Asia and around the world, including Singapore, the Cayman Islands, Japan and the United Kingdom. However, Binance is now expected to launch in Japan next month.
“Since reaching a joint venture agreement in 2022, Binance and Gulf have worked closely with Thai regulators to ensure the formation of a first compliant exchange that strictly adheres to SEC guidelines,” said Binance in a blog post.
Speaking on the development, Richard Teng, Head of Asia, Europe and MENA at Binance, described Thailand as a country with a thriving crypto space that has shown strong commitment to adopt block chain
blockchain
The blockchain comprises a digital network of blocks with a complete record of transactions made in a cryptocurrency such as Bitcoin or other altcoins. One of the signature characteristics of the blockchain is that it is maintained on more than one computer. The general ledger can be public or private (authorized). In this sense, the blockchain is immune to data manipulation, which makes it not only open but verifiable. Because a blockchain is stored on a network of computers, it is very difficult to tamper
The blockchain comprises a digital network of blocks with a complete record of transactions made in a cryptocurrency such as Bitcoin or other altcoins. One of the signature characteristics of the blockchain is that it is maintained on more than one computer. The general ledger can be public or private (authorized). In this sense, the blockchain is immune to data manipulation, which makes it not only open but verifiable. Because a blockchain is stored on a network of computers, it is very difficult to tamper
Read this term technology. It’s even like Chainalysis 2022 data confirms that Thailand is the eighth largest crypto adopter in the world.
“Leveraging Binance’s expertise along with Gulf’s established local presence and network, Gulf Binance aims to unlock the full potential of blockchain technology to meet the needs of Thai users,” Teng explained. “Local users can expect access to a reliable, regulated service that prioritizes user safety as well as compliance with local regulations.”
Binance grows despite obstacles
Binance’s planned launch in Thailand is part of the major exchange’s efforts to strengthen its presence and portfolio of regulatory licenses across the globe. In January, the largest cryptocurrency exchange by trading volume obtained its 7th regulatory license in the EU with a new Swedish registration.
However, the exchange still faces several regulatory challenges around the world, including in the United States, Canada, and Australia.
Gulf Binance, a joint venture between Binance and Gulf Innova, has obtained a digital asset operator license from the Thai Ministry of Finance. Gulf Innova is a subsidiary of Gulf Energy Development that operates the company’s digital business.
Binance announced the license approval on Friday, noting that the company aims to launch a cryptocurrency exchange
Cryptocurrency exchange
A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset. Similar to a generalized financial exchange, the primary function of a crypto exchange is to enable and encourage the buying and selling of cryptos. This is accomplished by producing a stable trading environment suitable for interlocking traders in different locations around the world. Sometimes a crypto exchange may be called a digital currency exchange (DCE) f
A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset. Similar to a generalized financial exchange, the primary function of a crypto exchange is to enable and encourage the buying and selling of cryptos. This is accomplished by producing a stable trading environment suitable for interlocking traders in different locations around the world. Sometimes a crypto exchange may be called a digital currency exchange (DCE) f
Read this term in the Southeast Asian country during the last quarter of the year. The project will see Binance combine its expertise in digital assets with Gulf’s local industry knowledge and presence.
Sawasdee Thailand! 🇹🇭
Our joint venture, Gulf Binance, has now been granted digital asset operator licenses by the Thai Ministry of Finance.
This opens up access to digital assets to even more people, building on our commitment to bringing crypto and Web3 to the world.
— Binance (@binance) May 26, 2023
Binance’s new license in Thailand comes years after the crypto exchange faced a regulatory backlash from the country’s Securities and Exchange Commission for operating illegally in the country. The exchange also faced opposition from other jurisdictions in Asia and around the world, including Singapore, the Cayman Islands, Japan and the United Kingdom. However, Binance is now expected to launch in Japan next month.
“Since reaching a joint venture agreement in 2022, Binance and Gulf have worked closely with Thai regulators to ensure the formation of a first compliant exchange that strictly adheres to SEC guidelines,” said Binance in a blog post.
Speaking on the development, Richard Teng, Head of Asia, Europe and MENA at Binance, described Thailand as a country with a thriving crypto space that has shown strong commitment to adopt block chain
blockchain
The blockchain comprises a digital network of blocks with a complete record of transactions made in a cryptocurrency such as Bitcoin or other altcoins. One of the signature characteristics of the blockchain is that it is maintained on more than one computer. The general ledger can be public or private (authorized). In this sense, the blockchain is immune to data manipulation, which makes it not only open but verifiable. Because a blockchain is stored on a network of computers, it is very difficult to tamper
The blockchain comprises a digital network of blocks with a complete record of transactions made in a cryptocurrency such as Bitcoin or other altcoins. One of the signature characteristics of the blockchain is that it is maintained on more than one computer. The general ledger can be public or private (authorized). In this sense, the blockchain is immune to data manipulation, which makes it not only open but verifiable. Because a blockchain is stored on a network of computers, it is very difficult to tamper
Read this term technology. It’s even like Chainalysis 2022 data confirms that Thailand is the eighth largest crypto adopter in the world.
“Leveraging Binance’s expertise along with Gulf’s established local presence and network, Gulf Binance aims to unlock the full potential of blockchain technology to meet the needs of Thai users,” Teng explained. “Local users can expect access to a reliable, regulated service that prioritizes user safety as well as compliance with local regulations.”
Binance grows despite obstacles
Binance’s planned launch in Thailand is part of the major exchange’s efforts to strengthen its presence and portfolio of regulatory licenses across the globe. In January, the largest cryptocurrency exchange by trading volume obtained its 7th regulatory license in the EU with a new Swedish registration.
However, the exchange still faces several regulatory challenges across the globe, including in the United States, Canada, and Australia.
