In a strategic move, Binance, a leading global cryptocurrency exchange, is set to introduce a Thailand-based crypto exchange in early 2024 through a joint venture with Gulf Energy Development, a prominent local energy giant. Gulf Energy’s filing with the Stock Exchange of Thailand on November 15 revealed that the collaborative effort, named Gulf Binance, would initially operate on an invitation-only basis, with a public rollout slated for early 2024. The venture received approval from the Securities and Exchange Commission on November 10.
A Binance spokesperson, in response to inquiries from Cointelegraph, confirmed the initial launch as an invitation-only exchange and assured that further details would be disclosed as information becomes available.
Gulf Binance obtained digital asset operator licenses from Thailand’s Ministry of Finance on May 26, empowering it to operate a crypto exchange under the regulatory oversight of the country’s SEC. Binance had initially outlined plans to launch its Thai arm by the fourth quarter of 2023.
Richard Teng, Binance’s regional head of Asia, Europe, and MENA, highlighted the synergy between Binance and Gulf, leveraging the latter’s established local presence and network. Gulf Binance aims to showcase the potential of blockchain technology to local users.
Gulf Energy Development, headed by Thai billionaire Sarath Ratanavadi, stands as one of Thailand’s largest natural gas distribution companies. The company is actively involved in various business verticals, including renewable power generation, infrastructure development projects, and digital infrastructure businesses.
It’s noteworthy that Gulf Energy had previously invested in Binance’s U.S.-based arm, Binance.US, through disclosure in April 2022, involving Series Seed Preferred Stock issued by BAM Trading Services, the operator of Binance.US.
In a recent collaboration with the Royal Thai Police, Binance assisted in seizing $277 million from scammers. Following this revelation, over 3,200 victims reached out to authorities for compensation. Tigran Gambaryan, Binance’s head of financial crime compliance, emphasized the company’s commitment to partnering with authorities globally to contribute to restoring trust in the digital asset ecosystem.
