New joint venture Gulf Binance launches in restricted mode, plans whole public opening in 2024
Binance soft-launches its invite-only Thai crypto exchange Gulf Binance, a joint venture with a major local conglomerate, after securing regulatory approval to operate in Thailand’s fledgling digital asset industry, signaling Binance’s compliant market entry as part of its global expansion.
Binance, the world’s largest cryptocurrency exchange, has soft-launched its new Thai platform, Gulf Binance.
The exchange is currently operating on an invite-only basis and plans to open to the public in early 2024
The new exchange is a joint venture between Binance and Gulf Energy Development, one of Thailand’s largest conglomerates run by billionaire Sarath Ratanavadi.
The partners aim to combine Binance’s digital asset expertise with Gulf’s local market knowledge.
© 2023, Image credit to https://binbits.com/gulf-binance-secures-regulatory-approval-in-thailand/
Gulf Binance Secures Regulatory Approval – Dominated by Bitkub
In May, Gulf Binance secured its Digital Asset Operator Licenses from Thailand’s Ministry of Finance and will be regulated by the Thai SEC this month.
The SEC approved Gulf Binance to begin operations.
Thailand’s crypto market is currently dominated by Bitkub, which recently raised $17.8 million after a failed M&A deal and two SEC fines.
Number two player Zipmex filed for bankruptcy protection last year, and its future remains uncertain.
© 2023, Binance Square website
Binance’s Global Expansion Signals its Approved Entry into the Crypto Industry
Regulatory scrutiny of Binance has increased globally, leading it to obtain licenses and acquire licensed exchanges in markets like Indonesia and Japan.
The restricted launch of Gulf Binance marks Binance’s approved entry into Thailand’s fledgling crypto industry.
With its strong brand and deep resources, Gulf Binance is positioned to shake up the Thai crypto exchange market when it fully launches next year.
The invite-only debut allows Binance to test operations and build demand ahead of its public opening.
