Binance, the world’s largest cryptocurrency exchange, is expanding its operations to Thailand with the launch of “Gulf Binance” in 2024. The exchange has partnered with Gulf Innova, a subsidiary of Thai conglomerate Gulf Energy, to establish this new entity. This move marks Binance’s first regulated business in Southeast Asia, as Gulf Binance has obtained a Digital Asset Operator license from Thailand’s Ministry of Finance. Thailand has a regulatory framework for the crypto sector, categorizing digital asset businesses into exchanges, brokers, and dealers. Binance will join the six approved crypto exchanges in Thailand, including Bitkub, BX, Satang Pro, Huobi Thailand, ERX, and Zipmex. The exchange has faced regulatory issues in the US, with its subsidiary Binance.US coming under scrutiny from the Securities and Exchange Commission (SEC). In response, Binance.US transitioned to a crypto-only model, suspending dollar deposits and preparing to halt fiat withdrawal channels temporarily. Despite these challenges, Binance operates in over 100 jurisdictions worldwide and has seen a 17% increase in its user base in 2023, with 150 million users globally. With a daily trading volume exceeding $8 billion, Binance remains the largest crypto exchange.

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Information	Details
Geography	Asia
Countries	🇹🇭
Sentiment	neutral
Relevance Score	1
People	None
Companies	Bitkub, Italy, France, BX, Gulf Innova, ERX, Seychelles, Binance.US, Zipmex, Thai Securities and Exchange Commission (SEC), Huobi Thailand, Sweden, Singapore, Satang Pro, Lithuania, Spain, Poland, Securities and Exchange Commission (SEC), Malta, Japan
Currencies	None
Securities	None