The Securities and Exchange Commission of Thailand (SEC) has granted a license to a joint venture between Binance and Gulf Energy Development to operate an exchange and a digital brokerage service.
Official operations will begin in Q4 of this year, as a 51-49 joint venture between Gulf Innova and Binance. Gulf Innova, once the fintech arm of Gulf Energy, one of the largest private electricity producers in Thailand, invested $20 million to buy a 0.4% stake in Binance.US.
“Users in Thailand can expect access to a trusted, regulated digital asset service that prioritizes security,” said Richard Teng, Asia, Europe and MENA region leader of Binance. confidentiality and compliance with local regulations”.
This is the next attempt by the Thai regulators to provide users with new financial services in a secure and compliant manner, amid the global crypto regulatory corridor. is still not clear. Previously there were seven permits issued in the country.
In contrast, Binance's initial compliance approach in Thailand runs counter to older approaches, which have prompted warnings from several financial authorities in the US, UK, Japan, and Singapore. Binance has also set up an office in Thailand under Gulf patronage since last year.
Thailand also recently implemented a set of regulations aimed at protecting investors. In mid-January , the Thai SEC issued new rules for crypto custody services, requiring all custodians to have a backup plan in the event of unforeseen events. .
