Investing.com | Editor Nikhilesh Pawar
Published Nov 18, 2023 12:03PM ET
BANGKOK – Binance, the global cryptocurrency exchange, has set its sights on Southeast Asia with the latest approval from Thailand’s Securities and Exchange Commission (SEC) for a new venture. The joint effort with Gulf Innova, a subsidiary of Gulf Energy Development Pcl, will see the launch of a regulated digital asset exchange in Thailand.
This strategic move comes as Binance faces regulatory challenges in Western markets, prompting the company to withdraw from the European Union, including the Netherlands, and consider closing U.S. operations. The legal scrutiny from the U.S. SEC against Binance and its CEO Changpeng Zhao has intensified, highlighting the need for crypto businesses to seek regions with clearer regulatory frameworks.
Alex Chehade has pointed out the United Arab Emirates as a favorable destination for such companies, and now Binance is turning to Thailand to expand its footprint. The Thai SEC granted Gulf Binance Co., backed by Binance Holdings Ltd., permission to start operating a crypto exchange this coming January, as revealed in a stock exchange filing earlier this week.
The new platform will initially be available to an invitation-only group before opening up to the general public. Gulf Energy holds a majority 51% stake in the joint venture. The announcement was accompanied by imagery from photographer Andre Malerba, documenting the presentation of the upcoming exchange.
By entering into this joint venture, Binance is not only adhering to Thai laws but also diversifying its global presence by tapping into the growing interest in digital assets within Southeast Asia. This latest development signifies a pivotal step for Binance as it navigates through the complex landscape of international cryptocurrency regulation.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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Written By: Investing.com
