Binance and Gulf Energy Partner to Launch Crypto Exchange in Thailand
In an exceptional joint venture, Binance and Gulf Energy plan to roll out a cryptocurrency exchange in Thailand next year, offering first to invited users before going public.
Binance, the global crypto titan, is all set to introduce a cryptocurrency exchange in Thailand in early 2024, and it won’t be going solo. Collaborating with Gulf Energy Development, a major local player in the energy sector, the new venture named Gulf Binance promises to revolutionize the Thai digital asset space.
The initiative received the green light from Thailand’s Securities and Exchange Commission (SEC), according to a recent exchange filing. Gulf Binance, the joint venture, will initially be open to users on an invitation basis, planning to open doors to the general public in the early part of next year. Gulf Energy’s filing mentioned that the digital asset platform will provide digital asset exchange and broker services for cryptocurrencies as well as digital tokens, highlighting security and compliance with SEC regulations as their top priorities.
Earlier in May, Gulf Binance had obtained licenses from Thailand’s Ministry of Finance to operate as a regulated digital asset operator under the country’s SEC. This licensing marked a significant step for Binance, which had projected to launch its Thai operation by the fourth quarter of 2023.
The exchange aims to leverage “Gulf’s established local presence and network”, as stated by Binance’s regional head of Asia, Europe and MENA, Richard Teng. The strategic alliance with Gulf Energy, run by Thai billionaire Sarath Ratanavadi, allows Binance to tap into the potential of blockchain technology and showcase its benefits to local users.
Notably, Gulf Energy is a substantial player in natural gas distribution in Thailand, with investments spread across various business verticals, including renewable power generation, infrastructure development projects, and digital infrastructure businesses. The company had also previously invested in Binance’s US-based arm, Binance.US.
As part of its commitment to restoring trust in the digital-asset ecosystem, Binance recently assisted the Royal Thai Police to seize $277 million from scammers. This notable incident resulted in over 3,200 victims contacting the authorities to file for compensation.
With the launch of the new exchange, Binance and Gulf Energy are crafting a promising roadmap for the evolution of the Thai cryptocurrency space, underpinning the growth of digital assets in the region.
