Binance, the renowned cryptocurrency exchange, is set to make its presence felt in Thailand through a joint venture with Gulf Energy Development, a local energy giant.
According to a November 15 filing with the Stock Exchange of Thailand by Gulf Energy, the new venture, named Gulf Binance, will initially operate on an invitation-only basis, with plans for a public rollout in early 2024.
This initiative received the green light from the Thai Securities and Exchange Commission (SEC) on November 10, paving the way for Binance’s expansion into the Thai market.
A spokesperson from Binance confirmed that the platform’s launch has commenced with invitation-only access, with more details to follow as they become available.
Gulf Binance achieved a significant milestone on May 26 when it secured digital asset operator licenses from Thailand’s Ministry of Finance, enabling it to operate a regulated cryptocurrency exchange under the supervision of the country’s SEC.
Initially, Binance had aimed to launch its Thai branch by the fourth quarter of 2023.
Richard Teng, Binance’s regional head of Asia, Europe, the Middle East, and North Africa, emphasized the strategic importance of leveraging Gulf Energy’s local presence and network to introduce blockchain technology to Thai users.
Gulf Energy Development, founded and led by Thai billionaire Sarath Ratanavadi, is a major player in Thailand’s natural gas distribution sector.
The company is known for its diverse investments in various business sectors, including renewable power generation, infrastructure development projects, and digital infrastructure businesses.
Gulf Energy had previously invested in Binance’s United States-based subsidiary, Binance.US, through its participation in the “Series Seed Preferred Stock” issued by BAM Trading Services, the operator of Binance.US.
In recent developments, Binance collaborated with the Royal Thai Police to seize $277 million from scammers, which resulted in over 3,200 victims seeking compensation.
Tigran Gambaryan, Binance’s head of financial crime compliance, emphasized the company’s commitment to partnering with authorities worldwide to restore trust in the digital asset ecosystem.
The joint venture between Binance and Gulf Energy Development signifies Binance’s expanding footprint in the cryptocurrency market and its dedication to collaborating with local partners to promote blockchain technology adoption.
With the Thai SEC’s approval, Gulf Binance is poised to make a significant impact on the cryptocurrency landscape in Thailand.