According to a report by Reuters, 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, a provider of digital marketing and IT services. The aim is to provide a platform for users in Thailand to buy and sell digital assets with local currency pairs.
Gulf Binance starts trading
According to the report, Gulf Binance obtained a license to operate from Thailand’s Ministry of Finance 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 cryptocurrency exchanges in Southeast Asia, where companies such as 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 its local platform in Thailand.
Fuwattananukul emphasized the close collaboration with Thai regulators over the past year and the meticulous planning that has been done by the company. Fuwattananukul further highlighted Gulf Binance’s commitment to security, transparency and quality of service when it began operating in Thailand.
Richard Teng, CEO of Binance, also shared his perspective on the development, highlighting the strategic importance of Thailand’s role in the global digital financial landscape. Teng emphasized the transformative power of blockchain technology and digital assets in promoting financial inclusion.
The establishment of Gulf Binance in Thailand represents an important milestone for both Binance and the Thai crypto market. With the launch of the joint venture, Thai investors now have access to a secure and regulated platform for cryptocurrency trading, allowing them to participate in the global digital asset ecosystem.
Crypto Exchange OKX Obtained License in Dubai
Following in the footsteps of Binance, cryptocurrency exchange OKX has obtained a regulatory license from Dubai, allowing it to offer retail crypto services.
Dubai’s Virtual Asset Regulatory Authority (VARA) has granted OKX Middle East a Virtual Asset Service Provider (VASP) license specifically for exchange services. This regulatory approval will allow OKX to provide cash and spot pairs services to qualified institutional and retail clients.
The United Arab Emirates (UAE) has positioned itself as a global hub for the cryptocurrency industry. VARA was created in March 2022 to regulate Dubai’s emerging virtual assets sector, in line with this vision.
Rifad Mahasneh, CEO of OKX for the Middle East and North Africa (MENA) region, expressed his excitement about the regulatory license, describing it as a turning point for OKX.
Mahasneh highlighted the importance of the license in targeting institutional and retail clients in the UAE, allowing them to deposit and withdraw funds seamlessly in their local currency. Mahasneh further stated that OKX is actively working with VARA to fulfill the remaining conditions and hopes to launch its services in the coming weeks.
Binance has also received a license to conduct certain operations in Dubai in 2022. This highlights the growing interest of major players in establishing a presence in the UAE and harnessing the region’s potential as a thriving crypto market.
Binance Coin (BNB) is trading at $316, showing sideways price movement over the last 24 hours and a marginal decline of 0.4%. However, it has shown a notable gain of 4.5% in the last 7 days.