Gulf Binance, a joint venture between Gulf Innova and Binance, will begin operations in Thailand in Q4 2023. But is the exchange losing ground to other markets?
As Asia opens its door to crypto, Binance is looking to capitalize on this opportunity to the fullest. Changpeng Zhao’s exchange has formed a joint venture with billionaire Sarath Ratnavadi’s Gulf Innova.
Gulf Binance Wins Digital Asset Operator License in Thailand
Binance announced that its joint venture Gulf Binance has secured a Digital Asset Operator License in Thailand.
Hence, it will launch a digital asset brokerage and exchange in the fourth quarter of this year. With this partnership, Binance Gulf can leverage and build on Innova’s local industry knowledge.
Gulf Binance has been in contact with the Securities and Exchange Commission (SEC) of Thailand over the past year to build a compliant business. The two parties have not yet announced further details of the partnership.
Recently, Thailand has shown welcoming sentiments for the Web3 industry. It waived taxes on capital raised through an Initial Coin Offering (ICO) in March.
Then, in an election campaign, Thailand’s Pheu Thai party announced giving 10,000 baht ($290) in digital currency to individuals aged 16.
Through such moves, Thailand hopes to compete with Hong Kong, Singapore and Dubai in becoming the crypto hub of Asia.
Losing grip on other markets?
While Changpeng Zhao’s company has expanded to Thailand, it appears to be weakening its grip on the Australian market. Today, the exchange delisted eight Australian Dollar (AUD) spot trading pairs.
The development comes after the exchange lost its banking partner for the AUD onramp/offframe last week. This month, Binance also announced its exit from the Canadian market due to regulatory challenges.
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