According to a Reuters report, Binance, one of the world’s leading cryptocurrency exchanges, has officially opened its cryptocurrency exchange in Thailand.
The exchange, called Gulf Binance, is a joint venture between Binance and Gulf Innova, an IT and digital marketing services provider. It aims to provide a platform for users in Thailand to buy and sell digital assets with local currency pairs.
Gulf Binance Commences Operations
Per the report, Gulf Binance obtained a license to operate from Thailand’s finance ministry in May 2023, following which it received approval to offer digital asset exchange services.
The launch of Gulf Binance marks the latest addition to the growing number of crypto exchanges in Southeast Asia, where companies like Coinbase, Zipmex, and Gemini have already established their presence.
In a statement, Nirun Fuwattananukul, CEO of Gulf Binance, expressed gratitude for the opportunity to announce the launch of their local platform in Thailand.
Fuwattananukul emphasized the close collaboration with Thai regulators over the past year and the meticulous planning that went into the venture. Fuwattananukul further highlighted Gulf Binance’s commitment to security, transparency, and service quality as they began operations in Thailand.
Richard Teng, CEO of Binance, also shared his perspective on the development, underscoring the strategic significance of Thailand’s role in the global digital finance landscape. Teng emphasized blockchain technology’s and digital assets’ transformative power in fostering financial inclusion.
Establishing Gulf Binance in Thailand represents a significant milestone for both Binance and the Thai crypto market. With the joint venture’s launch, Thai investors now have access to a secure and regulated platform for trading cryptocurrencies, enabling them to participate in the global digital asset ecosystem.
Crypto Exchange OKX Granted License In Dubai
Following Binance’s footsteps, cryptocurrency exchange OKX has obtained a Dubai regulatory license, allowing it to offer retail crypto services.
Dubai’s Virtual Assets Regulatory Authority (VARA) granted OKX Middle East a Virtual Asset Service Provider (VASP) license specifically for exchange services. This regulatory approval will enable OKX to provide spot and spot-pair services to qualified retail and institutional customers.
The United Arab Emirates (UAE) has been positioning itself as a global hub for the cryptocurrency industry. VARA was established in March 2022 to regulate Dubai’s emerging virtual asset sector in line with this vision.
Rifad Mahasneh, OKX General Manager for the Middle East and Northern Africa (MENA) region, expressed his enthusiasm for the regulatory license, describing it as a game-changer for OKX.
Mahasneh highlighted the license’s significance for targeting retail and institutional clients in the UAE, allowing them to seamlessly deposit and withdraw funds in their local currency. Mahasneh further stated that OKX is actively working with VARA to fulfill the remaining conditions and expects to launch its services in the coming weeks.
Binance was also granted a license to conduct certain operations in Dubai in 2022. This highlights the growing interest from major players in establishing a presence in the UAE and leveraging the region’s potential as a thriving crypto market.
Binance Coin (BNB) is trading at $316, exhibiting a sideways price movement over the past 24 hours and a marginal decrease of 0.4%. However, it has demonstrated a notable gain of 4.5% over the past 7 days.
Featured image from Shutterstock, chart from TradingView.com