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

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

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

Unlocked by Template.png

Research

The march toward an interoperable and onchain-by-default internet depends on reliable messaging and value transfer across heterogeneous domains. Crosschain protocols now process >$1.3T in combined annual transfer volume and secure tens of millions of user interactions, yet no single design dominates.

article-image

The goal, per Santiago Santos, is to make crypto a relatable piece of tech for people who may not even understand it

article-image

Stripe stablecoin unit aims to operate under a federal charter enabling regulated stablecoin issuance and custody services

by Blockworks /
article-image

Will TradFi make crypto better or create more problems than it solves?

article-image

Subtle decisions by risk curators saved Aave from significant turmoil

article-image

The new Rootstock Institutional unit aims to connect professional investors to Bitcoin-native yield and liquidity strategies anchored in BTC’s security layer

by Blockworks /
article-image

DOJ files record civil forfeiture against more than 127,000 BTC linked to scam activity

by Blockworks /