Thai residents will have the opportunity to access crypto services through Gulf Binance, a joint venture between Binance and Gulf Energy.
In early 2024, Binance will launch a publicly traded cryptocurrency exchange in Thailand through a joint venture with the country’s largest energy provider, Gulf Energy Development.
Gulf Energy stated in a filing with the Stock Exchange of Thailand on November 15 that the venture, Gulf Binance, will be made available to the public by early 2024, following an invitation-only launch period. The company received approval from the Securities and Exchange Commission on November 10.
A Binance representative verified that the exchange initially operated as an invitation-only platform and that further information would be provided as it became available.
The Ministry of Finance of Thailand issued digital asset operator licenses to Gulf Binance on May 26. These licenses authorized the company to operate an SEC-regulated cryptocurrency exchange. At the time, Binance had intended to launch its Thai arm by Q4 2023.
Richard Teng, regional director of Asia, Europe, and MENA for Binance, stated the same day that the exchange would leverage “Gulf’s established local presence and network” to demonstrate to local users the potential of blockchain technology.
One of Thailand’s major natural gas distribution companies, Gulf Energy, was established and managed by Thai billionaire Sarath Ratanavadi. The corporation engages in active investment across various industry sectors, including but not limited to digital infrastructure enterprises, infrastructure development initiatives, and renewable energy generation.
Gulf Energy has invested in Binance.US, the American subsidiary of Binance. The firm disclosed the investment in “Series Seed Preferred Stock issued by BAM Trading Services,” the operator of Binance.US, in April 2022.
The Royal Thai Police were assisted by Binance in seizing $277 million from fraudsters last month. To seek compensation, more than 3,200 victims contacted the authorities after the information was leaked.
Tigran Gambaryan, the director of financial crime compliance at Binance, stated that the organization intended to collaborate with international authorities to “restoring the trust in the digital-asset ecosystem.”