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Binance Expands in Thailand While Losing Grip on Australian Market

2 mins
Updated by Geraint Price
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In Brief

  • Binance expands in Thailand by forming a joint venture with Gulf Innova.
  • The exchange has been working with Thailand's SEC for the past year to build a compliant business.
  • But, is Binance's position in other markets weakening?
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Gulf Binance, a joint venture between Gulf Innova and Binance, will start operations in Thailand in Q4 2023. But is the exchange losing grip in other markets?

As Asia opens its door to crypto, Binance wants to capitalize on the opportunity to its fullest. Changpeng Zhao’s exchange has created a joint venture with billionaire Sarath Ratanavadi’s Gulf Innova.

Gulf Binance Wins Digital Assets Operator License in Thailand

Binance announced that its joint venture Gulf Binance had secured a digital assets operator license in Thailand.

Hence, it will launch a digital assets brokerage and exchange in the fourth quarter of this year. With this partnership, Binance can leverage and build upon the local industry knowledge of Gulf Innova.

Gulf Binance has been in touch with Thailand’s Securities and Exchange Commission (SEC) for the past year to build a compliant business. Both parties are yet to announce more details of the partnership.

Lately, Thailand has shown welcoming gestures to the Web3 industry. It waived taxes from the capital raised through Initial Coin Offerings (ICOs) in March.

Then, in an election campaign, Thailand’s Pheu Thai Party announced a give-away of 10,000 baht ($290) in digital currency to individuals aged 16. 

Through such steps, Thailand hopes to compete with Hong Kong, Singapore, and Dubai in becoming Asia’s crypto hub.

Losing Grip on Other Markets?

While Changpeng Zhao’s company expands to Thailand, it seems to be weakening its hold on the Australian market. Today, the exchange delisted eight Australian dollar (AUD) spot trading pairs.

The development came after the exchange lost its banking partner for the AUD on-ramp/off-ramp last week. This month, Binance also announced exiting the Canadian market due to regulatory challenges.

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