- Binance, in collaboration with Gulf Energy Development, is preparing to launch a new crypto exchange in Thailand in early 2024, following approval from the Thai SEC.
- The venture, Gulf Binance, has already received digital asset operator licenses and aims to demonstrate blockchain technology’s potential to Thai users.
A Strategic Alliance in the Crypto World
In a strategic move set to enhance Thailand’s cryptocurrency landscape, Binance, one of the world’s leading cryptocurrency exchanges, has teamed up with Gulf Energy Development, a prominent Thai energy company, to launch a new crypto exchange. This joint venture, named Gulf Binance, is scheduled for a public rollout in early 2024 and is currently operational on an invitation-only basis.
Regulatory Milestones and Launch Plans
The collaboration recently achieved a significant regulatory milestone, with Gulf Energy announcing on November 15 that the Thai Securities and Exchange Commission (SEC) had given the green light for the venture on November 10. Earlier in May, Gulf Binance received digital asset operator licenses from Thailand’s Ministry of Finance, clearing the path for the exchange to operate under the regulation of the country’s SEC.
Focus on Local Integration and Blockchain Potential
Richard Teng, Binance’s regional head for Asia, Europe, and the Middle East and North Africa, emphasized the venture’s commitment to leveraging Gulf’s established local presence to showcase the potential of blockchain technology in Thailand. Gulf Energy, led by Thai billionaire Sarath Ratanavadi, is not only a major player in the natural gas distribution sector but also actively invests in various business verticals, including digital infrastructure, positioning it as a strategic partner for Binance in this venture.
Gulf Energy’s Expanding Digital Footprint
Gulf Energy’s investment in the digital space extends beyond Thailand. The company previously invested in Binance’s U.S.-based arm, Binance.US, highlighting its commitment to diversifying into the digital and blockchain sectors.
Collaborations for a Secure Crypto Ecosystem
This announcement follows Binance’s recent collaboration with the Royal Thai Police, where it played a pivotal role in seizing $277 million from scammers. This effort not only led to significant recoveries for victims but also underscored Binance’s dedication to partnering with global authorities to reinforce trust in the digital asset ecosystem.
#Binance Aids Royal Thai Police in Crackdown on Criminal Networks | @Binance Blog https://t.co/GzMGjTlzmI
— CZ 🔶 Binance (@cz_binance) October 3, 2023
Conclusion
The launch of Gulf Binance marks a significant development in Thailand’s cryptocurrency market. With regulatory approvals in place and a focus on integrating blockchain technology into the local financial landscape, this joint venture between Binance and Gulf Energy is poised to become a pivotal player in Southeast Asia’s growing digital economy.
