Crypto Exchange Giant Binance gets first Southeast Asian License

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What happened?

Binance Exchange finally steps foot into the Southeast Asian market after receiving its license from Thailand’s Security Exchange Commission (SEC). Ultimately, this means Binance will be able to work hand-in-hand with local companies and be the cryptocurrency exchange for Thai consumers.

This license approval came after Binance collaborated with Gulf Innova CO which is a subsidiary of the massive Thai congolomerate Gulf Energy. With this, Binance will operate under the name Gulf Binance.

After being expelled for operating without registration in Thailand, Binance has been fighting an uphill struggle to get the needed documentation to re-open its operations.

What’s to come?

Binance’s regional head of Asia, MENA and Europe told the media they are intending to now open and establish a regulated and trusted cryptocurrency exchange by Q4 2023.

A survey conducted by Triple-A revealed that 9.3% of Thai citizens own cryptocurrency. Perhaps the introduction of a regulated Binance exchange might increase this number.

This comes at a time where Binance is struggling with regulation elsewhere. Just recently, Australia revoked its application as it deemed the company to mislead investors about risk asset investment.