Binance partnered with a local company in Thailand to launch an exchange there and has already successfully secured a digital asset license in Southeast Asia.
The project, known as Gulf Binance, is a partnership between Gulf Innova Co., a fully owned Thai subsidiary of publicly traded holding firm Gulf Energy, and the largest cryptocurrency exchange in the world.
After being expelled for operating without a license in the wake of criminal allegations from Thailand’s securities regulator, Binance has spent the last year trying to rebuild its presence in the nation.
Even though Binance has continued to operate in various nations, including the Philippines, without the necessary licenses, this is also the first regional license the company has obtained.
The deal between the two parties, which was set down in January of last year, was intended to give the exchange a plausible avenue to rejoin by allaying such worries through a domestic, publicly controlled firm.
The leading exchange has historically operated without a license at the risk of deteriorating its connections with national officials and watchdogs. This attempt represents a significant departure from their prior initiatives.
Recent charges that Binance had misled retail investors by letting them choose riskier products intended for wholesale clients led to the cancellation of its derivatives license in Australia.
In a statement released on Friday, Binance and Gulf said they were joining forces to attract domestic customers to what they are referring to as a “compliant-first exchange.”
According to information published by Triple-A, 4.3 million people, or 6.47% of Thailand’s total population, hold cryptocurrencies.
These same users may anticipate having “access to a trusted and regulated service,” according to Binance’s regional head for Asia, Europe, and the Middle East and North Africa, Richard Teng.
According to Teng’s statement, Thailand is “a nation with an expanding crypto space that has demonstrated its dedication to adopting blockchain technology.”