Binance and the Thai company Gulf Innova have announced the concretization of their partnership with the upcoming launch of the cryptocurrency platform “Gulf Binance” in Thailand. The latter has obtained the necessary licenses from the Thai Ministry of Finance and aims to become the leading provider of infrastructure services for digital assets in the country.
Binance conquering the Thai market
More than a year after its announcement, the partnership between the giant Binance and the Thai company Gulf Innova will come to fruition : the 2 entities have announced the arrival of a cryptocurrency platform which should be operational by the last quarter of the year.
Soberly called “ Gulf Binance ”, the platform has obtained the necessary licenses from the Thai Ministry of Finance in order to be able to start its activity as a cryptocurrency exchange platform under the supervision of the local Securities and Exchange Commission (SEC).
This partnership will allow the 2 entities to mutually bring their respective know-how to optimize the development of Gulf Binance: Binance will of course bring its experience in the field of cryptocurrencies in general, and Gulf Innova will bring its knowledge of the local sector, the latter being already firmly established there via its parent company Gulf Energy Development listed on the Thai Stock Exchange.
However, the merger between the two companies is not new, Gulf Energy having earlier made investments in Binance USthe American branch of the exchange.
The year elapsed between the initial announcement and the official launch of the platform reflects the time it took for the 2 companies to ensure a launch in full compliance with local regulations. According to the press release, Gulf Binance aims to become “the leading provider of infrastructure services for the digital asset ecosystem in Thailand”.
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Richard Teng, Binance Head of Asia, Europe, and MENApraised Thailand’s positive reception for Gulf Binance and more broadly for cryptocurrencies in general:
“We are grateful and honored to have obtained digital asset operator licenses for Gulf Binance in Thailand – a country with a thriving crypto space that has demonstrated a strong commitment to adopting blockchain technology. By leveraging Binance’s expertise along with Gulf Innova’s local presence and established network, Gulf Binance aims to showcase the full potential of blockchain technology to meet the needs of Thai users. »
Although the actual figure is difficult to give, it is estimated that around 9.3% of the Thai population currently owns cryptocurrencies, which is a significant number. Although the country has banned the use of cryptocurrencies as a medium of exchange, trading activity is not affected.
We remember that the Thai opposition party, the Pheu Thai, had also promised to distribute 500 billion baht (about 15 billion dollars) if it were to win the last elections. The party will eventually come in second behind the social-democratic political party “Going Forward”.
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Published by Editions Larousse
Source: Press Release
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