Binance, a prominent cryptocurrency exchange, has officially launched its cryptocurrency exchange in Thailand, according to a Reuters report. The exchange, named Gulf Binance, is a collaboration between Binance and Gulf Innova, an IT and digital marketing services provider. Its goal is to offer a platform for users in Thailand to trade digital assets using local currency pairs. Binance expands in Asia with Thailand exchange launch.
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Gulf Binance Commences Operations
According to the report, Gulf Binance was granted a license to operate by Thailand’s finance ministry in May 2023, and subsequently received approval to provide digital asset exchange services. The launch of Gulf Binance adds to the increasing number of crypto exchanges in Southeast Asia, where companies like Coinbase, Zipmex, and Gemini have already established themselves. Nirun Fuwattananukul, CEO of Gulf Binance, expressed gratitude for the opportunity to announce the launch of their local platform in Thailand, highlighting the close collaboration with Thai regulators over the past year and the meticulous planning that went into the venture.
Fuwattananukul further emphasized Gulf Binance’s commitment to security, transparency, and service quality as they began operations in Thailand. Richard Teng, CEO of Binance, also shared his perspective on the development, underscoring the strategic significance of Thailand’s role in the global digital finance landscape and the transformative power of blockchain technology and digital assets in fostering financial inclusion. The establishment of Gulf Binance in Thailand represents a significant milestone for both Binance and the Thai crypto market, providing Thai investors with access to a secure and regulated platform for trading cryptocurrencies and enabling them to participate in the global digital asset ecosystem.
Crypto Exchange OKX Granted License In Dubai
Following in the footsteps of Binance, OKX, a cryptocurrency exchange, has obtained a regulatory license in Dubai, allowing it to offer retail crypto services. The Virtual Assets Regulatory Authority (VARA) in Dubai has granted OKX Middle East a Virtual Asset Service Provider (VASP) license specifically for exchange services. This regulatory approval will enable OKX to provide spot and spot-pair services to qualified retail and institutional customers. The United Arab Emirates (UAE) has been positioning itself as a global hub for the cryptocurrency industry, and VARA was established in March 2022 to regulate Dubai’s emerging virtual asset sector in line with this vision.
Rifad Mahasneh, OKX General Manager for the Middle East and Northern Africa (MENA) region, expressed enthusiasm for the regulatory license, describing it as a game-changer for OKX. Mahasneh highlighted the license’s significance for targeting retail and institutional clients in the UAE, allowing them to seamlessly deposit and withdraw funds in their local currency. Mahasneh further stated that OKX is actively working with VARA to fulfill the remaining conditions and expects to launch its services in the coming weeks. Binance was also granted a license to conduct certain operations in Dubai in 2022, highlighting the growing interest from major players in establishing a presence in the UAE and leveraging the region’s potential as a thriving crypto market.
Binance Coin (BNB) is trading at $316, exhibiting a sideways price movement over the past 24 hours and a marginal decrease of 0.4%. However, it has demonstrated a notable gain of 4.5% over the past 7 days.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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