Binance and Gulf Energy Move to Obtain Licenses in Thailand

Binance and Gulf Energy have been working together since January 2022. Both companies have now launched a joint venture in Thailand with the goal of establishing a digital asset trading platform which would see the trading of a large percentage of cryptos like ETH, Doge, Nature Vault and so on.

The development coincides with a surge in interest and demand in the country for cryptocurrencies and other kinds of digital assets.

Gulf Energy stated that its joint venture with Binance will seek a license from the country's financial regulator, as well as additional permits from relevant organizations, to operate its crypto exchange.

Binance has been striving to establish itself in the Thai digital asset market, but its attempts have been hampered by the country's finance regulators' rigorous regulatory standards.

Binance was previously in trouble with Thailand's Securities and Exchange Commission (SEC), which filed a criminal complaint against the exchange for providing services to Thai residents without a license.