- Cryptocurrency exchange Binance has forged a new alliance with a Thailand-based firm.
- The two companies will establish a cryptocurrency exchange.
- The exchange will fully commence operations in the coming year.
Cryptocurrency exchange Binance has weathered a storm of challenges throughout 2023, marked by legal woes, executive exodus, and persistent insolvency rumors. The exchange encountered regulatory run-ins with financial watchdogs worldwide including the U.S. SEC and CFTC, resulting in rejections and withdrawals across multiple jurisdictions.
Amid these, Binance is shifting its focus with sights set on expansion as it announces a new partnership and market entry.
Binance Launches In Thailand
According to a stock filing on Wednesday, November 15, a new digital asset exchange ‘Gulf Binance’ has commenced operations in Thailand.
Birthed from a fusion of Binance and a unit of the billionaire-owned Gulf Energy Development in Thailand, Gulf Binance will offer regulated digital asset exchange and brokerage services for both cryptocurrencies and digital tokens.
Initially open to select investors within Thailand on an “invite only” basis, the exchange will fully roll out its services to the general public in the coming year.
The filing also noted that Gulf Binance obtained an occupational license in May, and received approval from the Thailand Securities and Exchange Commission (Thailand SEC) on November 10, 2023, greenlighting the commencement of its operations.
To find out more about Binance’s regulatory challenges with the SEC in the United States, read here:
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