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Gulf Binance, a joint venture between crypto exchange Binance and Gulf Energys innovation arm Gulf Innova, has received a digital asset operator license in Thailand, according to a Friday press release.

The rubber-stamp from Thailands Ministry of Finance will allow the firm to advance plans to open a regulated crypto exchange and broker in the southeast Asian country. The platform will likely launch by year's end, according to a press statement.

By harnessing Binance's expertise together with Gulfs established local presence and network, Gulf Binance aims to showcase the full potential of blockchain technology to meet the needs of Thai users, Binance Head of Asia, Europe, and MENA Richard Teng said in a statement. Gulf Energy is one of Thailands largest private power producers.

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Gulf Binance Clinches Thai Regulatory Approval - CoinDesk