Binance, the world's largest cryptocurrency exchange, announced that it will begin operating a crypto exchange in Thailand early next year through a joint venture with Gulf Energy Development.
Binance is Establishing a New Cryptocurrency Exchange in Thailand
According to a written application filed with the Stock Exchange of Thailand, the joint venture named Gulf Binance has received approval from the Securities and Exchange Commission of Thailand to begin its operations.
Gulf Binance received a license from the Thai Ministry of Finance in May to become a digital asset operator regulated by the country's SEC. The exchange will initially be open to users by invitation only and plans to open to the general public in early 2024.
“Gulf Binance's digital asset platform will offer digital asset exchange and digital asset brokerage services for both cryptocurrencies and digital tokens, prioritizing security and compliance with SEC regulations,” the company said in the filing.
Binance and Thai billionaire Sarath Ratanavadi's Gulf Energy first agreed on the joint venture in early 2022.
The exchange continues to expand its offerings and strengthen its position as a leader in the cryptocurrency space.
*This is not investment advice.