Binance Opens Cryptocurrency Exchange in Thailand
Binance, one of the world’s leading cryptocurrency exchanges, has officially launched its cryptocurrency exchange in Thailand. The exchange, called Gulf Binance, is a joint venture between Binance and Gulf Innova, an IT and digital marketing services provider. Its goal is to provide a platform for users in Thailand to buy and sell digital assets with local currency pairs.
Gulf Binance Obtains Operating License
Gulf Binance obtained a license to operate from Thailand’s finance ministry in May 2023 and received approval to offer digital asset exchange services. This launch adds to the growing number of crypto exchanges in Southeast Asia, where Coinbase, Zipmex, and Gemini have already established their presence.
Close Collaboration with Thai Regulators
Nirun Fuwattananukul, CEO of Gulf Binance, expressed gratitude for the opportunity to announce the launch of their local platform in Thailand. He highlighted the close collaboration with Thai regulators over the past year and emphasized Gulf Binance’s commitment to security, transparency, and service quality.
Richard Teng’s Perspective on the Development
Richard Teng, CEO of Binance, shared his perspective on the development and emphasized the strategic significance of Thailand’s role in the global digital finance landscape. He highlighted blockchain technology’s transformative power in fostering financial inclusion.
Crypto Exchange OKX Granted License in Dubai
Following Binance’s footsteps, cryptocurrency exchange OKX has obtained a Dubai regulatory license that allows it to offer retail crypto services. The license granted by Dubai’s Virtual Assets Regulatory Authority (VARA) enables OKX to provide spot and spot-pair services to qualified retail and institutional customers.
Dubai as a Global Hub for Cryptocurrency Industry
The United Arab Emirates (UAE) has been positioning itself as a global hub for the cryptocurrency industry. VARA was established to regulate Dubai’s virtual asset sector, and OKX sees the license as a game-changer for targeting retail and institutional clients in the UAE.
Expanding Presence in the UAE
Binance was also granted a license to conduct certain operations in Dubai, highlighting the growing interest from major players in establishing a presence in the UAE and leveraging its potential as a thriving crypto market.
Hot Take: BNB’s Performance
Binance Coin (BNB) is currently trading at $316, showing sideways price movement over the past 24 hours with a marginal decrease of 0.4%. However, it has gained 4.5% over the past 7 days.
Source: Reuters
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