Get A Regulator Permit, Binance Ready To Operate In Thailand

Binance will operate in Thailand. (Photo; Doc. CryptoPolitan)

JAKARTA - Binance, one of the largest crypto exchanges in the world, will soon open its service in Thailand, a country that has great potential for the crypto market.

Binance has secured a strategic partnership with Gulf Energy Development Pcl, a giant energy company owned by billionaire Sarath Ratanavadi, to launch Gulf Binance Co, a regulated digital asset platform.

Binance announced its plans to operate in Thailand via email to CryptoSlate, the crypto news site, on November 16. Binance said it would launch an exchange in Thailand, which will be tested by selected subscribers, before opening to the public next year.

Binance also said it had obtained approval from the Thai Securities and Exchange Commission (SEC), Thailand's financial regulator, to offer digital asset exchanges and brokerage services for cryptocurrencies and digital tokens.

Gulf Binance Co is the result of a collaboration between Gulf Innova, Gulf Energy Development subsidiary Pcl, and Binance. Gulf Innova is a company engaged in technology and innovation, including blockchain and crypto.

Gulf Binance Co will provide a secure and compliant digital asset platform against SEC regulations, which allow customers to buy, sell and store cryptocurrencies and digital tokens.

Binance is no stranger to the Thai market. Previously, Binance had helped Thai authorities to uncover and arrest crypto fraud syndicates that cost many victims. Binance has shared information and evidence with Thai law enforcement agencies, which allowed them to confiscate crypto assets worth more than 270 million US dollars from scammers or scammers.

Binance also continues to develop its presence in Asia, a continent that has many crypto enthusiasts. Binance has re-entered the Japanese market, and is one of the most comprehensive crypto platforms there, with plans to add more than 100 tokens. Binance has also launched a regulated digital asset platform in Kazakhstan, a crypto-friendly country.

On the other hand, Binance also faces challenges in several other regions, especially in Europe and the United States. Binance has struggled to obtain local licenses in several European countries, such as the UK, the Netherlands, Cyprus, and Germany. Binance is also in a case with several federal agencies in the US, such as the SEC and CFTC, claiming that Binance has violated federal law.