Binance is gearing up to launch a cryptocurrency exchange in Thailand by early next year. This venture is a collaboration with Gulf Energy Development’s subsidiary. According to a recent announcement to the Stock Exchange of Thailand, the joint venture, named Gulf Binance and formed by Binance and Gulf Innova, has received approval from Thailand’s Securities and Exchange Commission to begin its operations.
Gulf Binance, which secured licenses from Thailand’s Ministry of Finance in May to operate as a digital asset provider, is now officially sanctioned by the SEC, as per the latest filing. The platform will offer exchange and brokerage services for cryptocurrencies and digital tokens, with a strong emphasis on security and adhering to SEC regulations.
Initially, Gulf Energy plans to make the exchange accessible only to select users through invitations. However, there’s a strategy to open it up to the broader public in early 2024.