Binance and Gulf Innova's joint venture, Gulf Binance, has received licenses from Thailand's Ministry of Finance to operate as a regulated digital asset operator under the country's SEC. The partnership plans to launch a digital asset exchange and broker in Thailand by the fourth quarter of 2023.

Richard Teng, Binance's head of Asia, Europe, and MENA, stated that local users can expect a secure and regulated service that complies with local regulations. The two companies agreed to form a joint venture in 2022.