- The initiative, named Gulf Binance, has secured approval from Thailand’s SEC.
- Binance has been battling regulatory challenges particularly in the US and Europe.
Binance [BNB] is gearing up to make its mark in Thailand through a strategic joint venture with Gulf Innova, a unit of Gulf Energy Development.
The collaborative effort, named Gulf Binance, has secured approval from Thailand’s Securities and Exchange Commission (SEC).
The formal announcement, disclosed on the 15th of November, revealed that Gulf Binance, born out of Binance’s partnership with Gulf Innova, successfully obtained licenses from Thailand’s Ministry of Finance back in May.
These licenses position Gulf Binance as a regulated digital asset operator under the jurisdiction of the SEC. The recent approval, as outlined in the filing, serves as the green light for the imminent launch of the crypto exchange.
The company’s filing stated,
“Gulf Binance’s digital asset platform will provide digital asset exchange and digital asset broker services for both cryptocurrencies and digital tokens, prioritizing security and compliance with SEC regulations.”
Global expansion amid regulatory challenges
Binance has been battling regulatory challenges around the globe since the dramatic collapse of various crypto firms in 2022. The U.S. SEC filed 13 charges against Binance, its various affiliates and founder Changpeng “CZ” Zhao with a plethora of law violations.
CZ reportedly considered shutting down Binance’s U.S. unit in a bid to save the wider company.
Moreover, the world’s largest crypto exchange has been pulling out of various European countries in anticipation of the European Union’s new Markets in Crypto Assets (MiCA) regulation dropping in next year.
CZ has hailed the clear rules brought in by MiCA. However, regulatory pressure has already forced the exchange to flee many European jurisdictions, including the Netherlands, Cyprus, and Germany.
This has forced Binance, along with many other crypto exchanges and businesses, to seek asylum elsewhere.
In a recent interview, Alex Chehade, the General Manager of Binance Dubai, remarked the United Arab Emirates (UAE) could become the primary destination for cryptocurrency businesses seeking favorable and transparent regulations.
Regulatory pressure could also be deemed a catalyst for Binance to favor expansion in South East Asia.