YEREVAN (CoinChapter.com) — Binance, the world’s largest cryptocurrency exchange, will expand to Thailand with the launch of its new arm, dubbed “Gulf Binance,” in 2024. The controversial exchange has partnered with Gulf Innova, a Thai conglomerate Gulf Energy subsidiary, to create the new entity.
Binance Will Become Operational in Thailand
This move will make Binance’s first regulated business in Southeast Asia. Moreover, Gulf Binance has secured a Digital Asset Operator license from Thailand’s Ministry of Finance.
The Royal Decree on the Digital Asset Businesses BE 2561 in Thailand sets the regulatory framework for the crypto sector, categorizing digital asset businesses into three types: digital asset exchanges, brokers, and dealers.
So far, the Thai Securities and Exchange Commission (SEC) has approved six crypto exchanges, namely Bitkub, BX, Satang Pro, Huobi Thailand, ERX, and Zipmex, with ERX being the latest to receive approval before Binance.
The Decree also differentiates between cryptocurrencies, defined as mediums of exchange for acquiring goods, services, rights, and digital tokens. That enables investment in projects or businesses and acquisition of specific goods, services, or rights.
Southeast Asia is a new market for Binance. However, the exchange has dealt with various regulators globally.
Binance Regulatory Issues Sustains in the US
Binance’s US subsidiary, Binance.US, has faced increased scrutiny from the Securities and Exchange Commission (SEC). In response to the lawsuit filed in 2022, Binance.US shifted its operations to a crypto-only model in June 2023.
This transition included suspending dollar deposits on its platform and preparing to halt fiat (USD) withdrawal channels temporarily. The exchange also announced plans to delist USD trading pairs while continuing to support stablecoin pairs.
Despite these changes, Binance.US maintained its crypto trading, staking, and withdrawal operations.
But the US troubles aside, Thailand is not the only notch on Binance’s regulatory belt. The crypto giant operates in over 100 jurisdictions worldwide.
Several European countries registered Binance. France, Italy, Lithuania, Spain, Poland, and Sweden lead the pack, with the latter marking the seventh European jurisdiction to grant Binance approval. Binance is also licensed in countries such as Malta, Singapore, Japan, and the Seychelles.
Overall, the exchange increased its user base by 17% within 2023, counting 150 million users worldwide as of November 2023. It remains the largest crypto exchange, with a daily trading volume north of $8 billion.