Gulf Binance, a joint venture between Binance and Gulf Innova, has received a digital asset operator license from the Thai Ministry of Finance. Gulf Innova is a subsidiary of Gulf Energy Development, which operates the company’s digital business.
Binance announced the approval of the license on Friday, noting that the company aims to launch a Cryptocurrency exchange
Cryptocurrency exchange
A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or a digital asset. Compared to a generalized financial exchange, the primary function of a cryptocurrency exchange is to allow and encourage the buying and selling of cryptocurrencies. A stable and suitable trading environment for traders located in different locations around the world. Sometimes, a cryptocurrency exchange may be referred to as a Digital Currency Exchange (DCE).
A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or a digital asset. Compared to a generalized financial exchange, the primary function of a cryptocurrency exchange is to allow and encourage the buying and selling of cryptocurrencies. A stable and suitable trading environment for traders located in different locations around the world. Sometimes, a cryptocurrency exchange may be referred to as a Digital Currency Exchange (DCE).
Read this term in Southeast Asia during the last quarter of the year. The project will see Binance combine its expertise in digital assets with local industry knowledge and presence in the Gulf.
Sawasdee Thailand! 🇹🇭
Our joint venture, Gulf Binance, has been awarded digital asset operating licenses by the Thai Ministry of Finance.
This gives access to digital assets to more people, building on our dedication to bringing cryptography and Web3 to the world.
– Binance (binance) May 26, 2023
Binance’s new license in Thailand comes years after the cryptocurrency exchange faced regulatory backlash from the country’s Securities and Exchange Commission for operating illegally in the country. The exchange has also faced opposition in other jurisdictions in Asia and across the world, including Singapore, the Cayman Islands, Japan and the United Kingdom. However, Binance is now set to launch in Japan next month.
“Since reaching a joint venture agreement in 2022, Binance and Gulf have worked closely with Thai regulators to ensure that a compliant exchange is formed first while strictly adhering to SEC guidelines,” Binance said in a statement. blog post.
Speaking about the development, Richard Teng, Head of Asia, EMEA at Binance, described Thailand as a country with a thriving crypto space that has shown a strong commitment to embracing it. blockchain
Blockchain
Blockchain consists of a digital network of blocks with an overall ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins, and one of the signature features of a blockchain is that it is maintained across more than one computer. The ledger can be public or private (authorised). In this sense, the blockchain is immune to data manipulation which makes it open and verifiable. Because the blockchain is stored across a network of computers, it is very difficult to staple
Blockchain consists of a digital network of blocks with an overall ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins, and one of the signature features of a blockchain is that it is maintained across more than one computer. The ledger can be public or private (authorised). In this sense, the blockchain is immune to data manipulation which makes it open and verifiable. Because the blockchain is stored across a network of computers, it is very difficult to staple
Read this term technology. This is even Chainalysis ‘2022 data It confirms that Thailand is the eighth largest user of cryptocurrency in the world.
“By harnessing Binance’s expertise along with local presence and well-established Gulf network, Gulf Binance aims to showcase the full potential of blockchain technology to meet the needs of Thai users,” Teng explained. “Local users can expect to access a reliable and regulated service that prioritizes user security along with compliance with local regulations.”
Binance is expanding despite the obstacles
Binance’s planned launch in Thailand comes amid the leading exchange’s efforts to build its presence and portfolio of regulatory licenses around the world. In January, the largest cryptocurrency exchange by trading volume obtained its seventh regulatory license in the European Union with a new Swedish registration.
However, the exchange still faces many regulatory challenges around the world, including in the United States, Canada, and Australia.
Gulf Binance, a joint venture between Binance and Gulf Innova, has received a digital asset operator license from the Thai Ministry of Finance. Gulf Innova is a subsidiary of Gulf Energy Development, which operates the company’s digital business.
Binance announced the approval of the license on Friday, noting that the company aims to launch a Cryptocurrency exchange
Cryptocurrency exchange
A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or a digital asset. Compared to a generalized financial exchange, the primary function of a cryptocurrency exchange is to allow and encourage the buying and selling of cryptocurrencies. A stable and suitable trading environment for traders located in different locations around the world. Sometimes, a cryptocurrency exchange may be referred to as a Digital Currency Exchange (DCE).
A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or a digital asset. Compared to a generalized financial exchange, the primary function of a cryptocurrency exchange is to allow and encourage the buying and selling of cryptocurrencies. A stable and suitable trading environment for traders located in different locations around the world. Sometimes, a cryptocurrency exchange may be referred to as a Digital Currency Exchange (DCE).
Read this term in Southeast Asia during the last quarter of the year. The project will see Binance combine its digital asset expertise with local industry knowledge and presence in the Gulf.
Sawasdee Thailand! 🇹🇭
Our joint venture, Gulf Binance, has been awarded digital asset operating licenses by the Thai Ministry of Finance.
This gives access to digital assets to more people, building on our dedication to bringing cryptography and Web3 to the world.
– Binance (binance) May 26, 2023
Binance’s new license in Thailand comes years after the cryptocurrency exchange faced regulatory backlash from the country’s Securities and Exchange Commission for operating illegally in the country. The exchange has also faced opposition in other jurisdictions in Asia and across the world, including Singapore, the Cayman Islands, Japan and the United Kingdom. However, Binance is now set to launch in Japan next month.
“Since reaching an agreement on a joint venture in 2022, Binance and Gulf have worked closely with Thai regulators to ensure the formation of a compliant exchange first while strictly adhering to SEC guidelines,” Binance said in a statement. blog post.
Speaking about the development, Richard Teng, Head of Asia, EMEA at Binance, described Thailand as a country with a thriving crypto space that has shown a strong commitment to embracing it. blockchain
Blockchain
Blockchain consists of a digital network of blocks with an overall ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins, and one of the signature features of a blockchain is that it is maintained across more than one computer. The ledger can be public or private (authorised). In this sense, the blockchain is immune to data manipulation which makes it open and verifiable. Because the blockchain is stored across a network of computers, it is very difficult to staple
Blockchain consists of a digital network of blocks with an overall ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins, and one of the signature features of a blockchain is that it is maintained across more than one computer. The ledger can be public or private (authorised). In this sense, the blockchain is immune to data manipulation which makes it open and verifiable. Because the blockchain is stored across a network of computers, it is very difficult to staple
Read this term technology. This is even Chainalysis ‘2022 data It confirms that Thailand is the eighth largest user of cryptocurrency in the world.
“By harnessing Binance’s expertise along with local presence and well-established Gulf network, Gulf Binance aims to showcase the full potential of blockchain technology to meet the needs of Thai users,” Teng explained. “Local users can expect to access a reliable and regulated service that prioritizes user security along with compliance with local regulations.”
Binance is expanding despite the obstacles
Binance’s planned launch in Thailand comes amid the leading exchange’s efforts to build its presence and portfolio of regulatory licenses around the world. In January, the largest cryptocurrency exchange by trading volume obtained its seventh regulatory license in the European Union with a new Swedish registration.
However, the exchange still faces many regulatory challenges around the world, including in the United States, Canada, and Australia.