- The cryptocurrency exchange announced a strategic alliance with Gulf Innova Co., Ltd.
- Gulf Binance will open a crypto exchange and digital asset broker in Q4 2023.
Binance, the largest cryptocurrency exchange in the world, is making waves with its global expansions and high-profile collaborations. Binance recently made headlines when it revealed it has acquired Digital Asset Operator Licenses in Thailand. This comes after the company temporarily halted operations in Canada owing to regulatory issues.
On Friday, the cryptocurrency exchange announced a strategic alliance with Gulf Innova Co., Ltd. (Gulf), which would result in the launch of Gulf Binance. In order to get a digital asset operator license from the Thai Ministry of Finance, the Binance exchange has formed a joint venture, as opposed to its prior regional and worldwide debuts.
Booming Center for Crypto
With the approvals in hand, Gulf Binance will go on with its plans to open a cryptocurrency exchange and digital asset broker in Thailand in the fourth quarter of 2023. According to the official announcement, the two companies want to use each other’s strengths to better serve the digital asset business in Thailand.
The key objectives of this partnership are to increase the rate of innovation, boost economic development, and improve Thai users’ access to and familiarity with Web3 services.
Binance said in a blog post that planning for this endeavor started in 2022. Together, the two organizations have been working closely with the Securities and Exchange Commission of Thailand to develop a compliant initial exchange.
In addition, Thailand has lately positioned itself as a booming center for cryptocurrencies and associated enterprises, attracting the interest of major players in the sector from across the world. Bangkok, the capital of Thailand, ranked tenth on Recap’s Crypto Readiness Index at the end of last month.
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