Thailand’s Ministry of Finance has granted a digital asset operator license to the joint venture between Binance and Gulf Innova, the exchange announced May 26.

Gulf Innova is a wholly-owned subsidiary of Gulf Energy. The two firms entered into the joint venture in 2022 and have been working with Thai regulators to launch a “compliant-first exchange.”

According to the press release, the goal of the partnership is to “drive innovation, foster growth, and deliver the best value possible to Thai users.” Gulf had previously invested in Binance.US.

With the license, Gulf Binance aims to launch its digital asset exchange and broker platform in Thailand by Q4 2023. Thailand’s Securities and Exchange Commission (SEC), the crypto market watchdog, will oversee the new platform.

Gulf Binance aims to become the “leading provider of infrastructure services for the digital asset ecosystem in Thailand.”

The exchange also said that it would nurture Thailand’s Web3 talent and help drive the growth of the broader blockchain ecosystem in the country. 

Richard Teng, Binance’s Head of Asia, Europe, and MENA, said:

“By harnessing Binance’s expertise together with Gulf’s established local presence and network, Gulf Binance aims to showcase the full potential of blockchain technology to meet the needs of Thai users.

Teng added that the new exchange would prioritize user security along with compliance with local regulations.

While there’s good news in Thailand, Binance is under pressure in Australia. Binance Australia halted Bitcoin (BTC) spot trading with Australian Dollar earlier today. The Australian Securities and Investments Commission (ASIC) suspended Binance’s derivatives trading license on request last month. ASIC is also reportedly investigating Binance and whether it has complied with its licensing requirements.

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