Gulf Binance Co., Ltd., a joint venture between Binance and Gulf Innova Co., Ltd. (Gulf), announced Friday that it has now secured digital asset operator licenses from the country’s Ministry of Finance for a digital asset platform, regulated by the country’s Securities and Exchange Commission (SEC).

Gulf Binance said in a statement that it will be able to move forward with plans to open a digital asset exchange and digital asset broker compliant with local regulatory guidelines.

The new platform is expected to launch in Thailand in the fourth quarter of 2023.

According to the statement, the joint venture brings together Binance’s extensive expertise in the digital asset space with Gulf’s local industry knowledge and established presence in Thailand.

The goals of the partnership have always been to drive innovation, foster growth, and deliver the best value possible to Thai users. 

Ever since reaching an agreement around a joint venture back in 2022, Binance and Gulf have been working closely with Thailand’s regulators to ensure the formation of a compliant-first exchange that strictly adheres to the SEC’s guidelines. 

The SEC safeguards the Thai capital market through policy formation and the enforcement of financial rules.

The newly granted licenses demonstrate Gulf Binance’s clear commitment to operating compliantly while serving Thai users.

“We a grateful and honored to be granted digital asset operator licenses for Gulf Binance in Thailand — a country with a thriving crypto space that has demonstrated strong commitment in embracing blockchain technology,” said Richard Teng, Binance’s Head of Asia, Europe, and Middle East and North Africa (MENA).

“By harnessing Binance’s expertise together with Gulf’s established local presence and network, Gulf Binance aims to showcase the full potential of blockchain technology to meet the needs of Thai users,

“Local users can expect access to a trusted and regulated service that prioritizes user security alongside compliance with local regulations,” he said.

It is noted that Thailand’s commitment to promoting security and compliance while fostering digital innovation underscores a growing recognition of blockchain’s potential in the country. 

Gulf Binance has set an ambitious roadmap, planning to kick-start its operations in Thailand by the fourth quarter of 2023.

The goal is to provide accessible services to everyone, offering a digital asset exchange that is not only publicly trusted and SEC-regulated, but that also takes advantage of the latest advances in blockchain technology. 

Ultimately, it is Gulf Binance’s mission to be the leading provider of infrastructure services for the digital asset ecosystem in Thailand.

A key part of this vision is to nurture local Web3 talent and help spur the growth of the broader blockchain landscape. 

More details on the new digital asset business will be available closer to launch.

Binance enters Japan after acquiring Sakura Exchange BitCoin