Binance Gets Greenlight to Operate Exchange in Thailand

The approval marks a year-long effort for Binance in Thailand, which sought the help of a domestic and publicly listed Thai company

article-image

Adisak Riwkratok/Shutterstock, modified by Blockworks

share

Binance has finally locked down a digital asset license in Southeast Asia after partnering with a local business in Thailand to establish an exchange there.

Dubbed Gulf Binance, the initiative is a collaboration between the world’s largest crypto exchange and Gulf Innova Co, a wholly-owned Thai subsidiary of publicly listed holding company Gulf Energy.

It follows a year-long effort for Binance to reestablish a foothold in the country after being booted out for operating without a license amid criminal complaints from Thailand’s securities regulator. 

It’s also the first license Binance has secured across the region, despite continuing to operate in several countries such as the Philippines without appropriate licensure.

The agreement between the pair, laid out in January of last year, was designed to allow the exchange a viable pathway to reenter by assuaging those concerns through a domestic and publicly regulated business. 

It’s a marked change from previous efforts from the major exchange which, in the past, has operated without licensure at the risk of souring relationships with country officials and watchdogs.

Just last month, Binance had its derivatives license canceled in Australia over allegations it had mislead retail investors by allowing them to pick up risky products designated for wholesale clients.

By partnering together, Binance and Gulf are hoping to draw in domestic users to what they’re calling a “compliant-first exchange,” a statement on Friday reads.

Approximately 4.3 million individuals, equivalent to 6.47% of the total population in Thailand, own some form of crypto, according to data provided by Triple-A.

Richard Teng, Binance’s regional head of Asia, Europe and MENA said those same users would be able to expect “access to a trusted and regulated service.”

Thailand stands as “a country with a thriving crypto space that has demonstrated strong commitment in embracing blockchain technology,” Teng said in the statement.

Further details on its business operations are expected to be made available closer to the exchange’s launch date in the fourth quarter of this year.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates (11).png

Research

We believe that Exponent is best positioned to dominate the Solana yield market – the fastest-growing sector in the ecosystem – with topline liquidity increasing at an annualized rate of nearly 600%. The founding team (ex-Squads, Kamino, Solana Foundation) cares deeply about product, security, design, and user experience and understands the foundation for building a great protocol. The team’s deep ties in Solana DeFi also present a significant strategic advantage, as evidenced by Exponent PTs being onboarded as collateral on Kamino, Drift, and Loopscale before its main competitor, RateX. In this regard, we view PT integrations in money markets as the most compelling avenue for Exponent to expand its market share and own its vertical.

article-image

Franklin Templeton’s Innovation Head Sandy Kaul says institutions will issue stablecoins and tokenized cash offerings to stay competitive

article-image

Surviving financial doomsday takes some preparation

article-image

Pump.fun’s launch partners include Kraken, Kucoin, Bitget, Bybit, Gate and MEXC

article-image

Monad Foundation’s Keone Hon said the team’s been “thinking about how to grow the onchain economy for some time”

article-image

Cuts to government R&D budgets may prove penny wise, bitcoin foolish

article-image

Still relatively little is known about the memecoin platform’s forthcoming token