Binance, the world’s largest cryptocurrency exchange, has received digital asset operator licenses from Thailand’s Ministry of Finance. The licenses allow Binance to operate a digital asset exchange and provide custodial services in Thailand. The licenses are the first granted to a cryptocurrency exchange in Thailand.
According to the agreement, Binance will launch a digital asset exchange and digital asset broker in Thailand in 4Q, 2023. This will help “drive innovation, foster growth, and deliver the best value possible to Thai users,” Binance said.
The relationship between Thailand and Binance towards developing the digital economy was strengthened in 2022 after an agreement was reached for the crypto firm to work closely with Thailand’s regulators to implement “a compliant-first exchange that strictly adheres to the SEC’s guidelines.”
Expansion for the good of Thai users
Speaking about the license, Richard Teng, the Regional Head of Asia at Binance, said that Binance intends to demonstrate the full potential of blockchain technology to the Thai people by combining Binance’s knowledge with the company’s proven local presence and network.
He added that Thai users should be assured that they will get the best services from Binance with strict adherence to the laws of the country as well as the best security practices.
As of October 2022, Binance had gotten licenses in 2022 alone to operate in seven countries around the world. In November of the same year, it got its first license from East Asia in Japan by buying Sakura, a regulated crypto exchange in Japan.
Although the firm has been alleged by the CFTC in the US, with suits filed against it and the CEO, Changpeng Zhao (CZ), Binance is focused on expanding to other regions outside the US. CZ has also started discussions with the Binance US arm to sell some of his stakes in it in response to the allegations laid against him.