<p class="is-style-lead">The world&#8217;s largest crypto exchange Binance has acquired the first license to expand its business to Southeast East through a joint venture with Gulf Energy that starts in Q4 2023.</p>



<h2 class="wp-block-heading" id="binance-in-bangkok">Binance in Bangkok</h2>



<p>The digital asset market in Thailand is likely to change due to the <a href="https://asia.nikkei.com/Spotlight/Cryptocurrencies/Binance-gains-first-Southeast-Asian-license-from-Thailand" target="_blank" rel="noreferrer noopener">arrival</a> of the top cryptocurrency in the world in trading volume. </p>



<p>The Securities and Exchange Commission of Thailand on May 26 ratified the joint operations between Binance and Gulf Energy development to run a digital asset and brokerage exchange. The license is the first the exchange has achieved in Southeast Asia.</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="591" height="624" src="https://crypto.news/app/uploads/2023/05/image-84.png" alt="Source: Binance post " class="wp-image-14161982"/></figure>



<p>Launch dates of the 51-49 collaboration between Gulf Innova and Binance are set for the fourth quarter of 2023. Gulf Innova is the fintech appendage of Gulf Energy, Thailand&#8217;s largest private power producer, owning 0.4% ($20 million) of Binance U.S.</p>



<blockquote class="wp-block-quote">
<p>“Bringing together Binance’s proficiency and Gulf’s robust local connectivity and presence will lead to Thai crypto enthusiasts enjoying the fruits of blockchain technology.”</p>
<cite>Richard Teng, regional manager for Binance in Asia.</cite></blockquote>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="588" height="435" src="https://crypto.news/app/uploads/2023/05/image-83.png" alt="Source: Richard Tebg Twitter post " class="wp-image-14161981"/></figure>



<h2 class="wp-block-heading" id="battle-for-digital-asset-market-dominance">Battle for digital asset market dominance</h2>



<p>Binance’s debut in Thailand will likely change the prospects of the digital asset market in the area. Bitkub, a local exchange in Thailand, currently holds the lion&#8217;s share of digital assets in Thailand at 75.4%, with Zipmex coming at a far second battling the collapse of the Terra Luna crash in mid-2022.  </p>



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<p>However, the trading volume decreased by 79% during crypto winter, which saw <a href="https://crypto.news/ftx-collapse-triggers-regulations-and-more-lay-offs/" target="_blank" rel="noreferrer noopener">FTX crumple</a>.</p>



<p>The joint venture by Gulf and Binance becomes the seventh to be granted by the financial regulator. Teng assured users that Binance would lead trusted and secure operations while complying with local rules.</p>



<p>Binance has taken a compliance-first method to minimize friction with regulators and avoid warnings like those received in the U.K., some U.S. states, and Japan.&nbsp; The company <a href="https://crypto.news/binance-enters-japan-after-acquiring-sakura/" target="_blank" rel="noreferrer noopener">took over</a> Sakura Exchange to get an operating license in Japan. Binance entered Cambodia through a <a href="https://crypto.news/binance-partners-with-royal-group-to-promote-blockchain-in-cambodia/" target="_blank" rel="noreferrer noopener">partnership </a>with the Royal Group and agreed to work with Cambodian regulators to formulate digital assets regulations.</p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Binance&#039;s Expansion in Asia | Binance&#039;s Plans to Conquer the Asian Market | Binance&#039;s Latest Move |" width="1020" height="574" src="https://www.youtube.com/embed/xvSbHvjXe5g?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
</div></figure>



<p>The joint venture comes when Gulf seeks ways to diversify its operations. The Thai giant power company’s shares have been dwindling following a directive by Move Forward Party, which won elections on May 14 with a promise to cut household bills by reorganizing power pricing.  </p>



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Binance sets foot in southeast Asia, collaborates with Gulf Energy in Thailand

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