Binance Unveils Plans For Opening a Thai Crypto Exchange
Thailand is poised to witness the entry of a new player in its cryptocurrency landscape, as Binance, in collaboration with a segment of Gulf Energy Development, readies itself to introduce a crypto exchange early next year.
A recent disclosure to the Stock Exchange of Thailand revealed that Gulf Binance, a result of the partnership between Binance and Gulf Innova, has received the green light from Thailand’s Securities and Exchange Commission to kickstart its operations.
Having secured licenses from Thailand’s Ministry of Finance earlier, Gulf Binance had been diligently preparing to comply with the regulatory framework set by the nation’s SEC for digital asset operators. The recent clearance marks a significant milestone for the platform.
According to the disclosure, Gulf Binance is gearing up to offer a digital asset platform facilitating exchange and brokerage services, catering to both cryptocurrencies and digital tokens.
Emphasizing a commitment to robust security measures and strict adherence to SEC regulations, the platform aims to assure users of a safe and compliant environment.
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In its initial phase, the exchange intends to operate on an exclusive invitation-only basis, hinting at plans to open its doors to the broader public by early 2024.
The collaborative effort between Binance and Gulf Energy, led by Thai billionaire Sarath Ratanavadi, laid the groundwork for this joint venture back in early 2022.
A spokesperson from Binance indicated to The Block that the platform’s current phase is limited to a select group of invitees, with a larger rollout to the public anticipated in the future.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
