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Binance gains first Southeast Asian license from Thailand

Joint venture with Gulf Energy to begin operations in Q4

The arrival of Binance, the world's largest cryptocurrency exchange by trading volume, will likely shake up Thailand's digital asset market. (Source photos by Reuters and screenshot from Gulf's website) 

BANGKOK -- Thailand's Securities and Exchange Commission on Friday approved a joint venture between Binance and Gulf Energy Development to operate a digital asset exchange and brokerage, granting the cryptocurrency giant its first license in Southeast Asia. 

Operations will launch in the fourth quarter of 2023 as a 51-49 joint venture between Gulf Innova and Binance. The former is the fintech arm of Gulf Energy, one of Thailand's largest private power producers, which invested $20 million for a 0.4% stake in Binance's U.S. operation. 

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