Binance to Launch Crypto Exchange in Thailand
Binance is preparing to launch a cryptocurrency exchange in Thailand in early 2024 in collaboration with Gulf Energy Development, a local energy giant. According to a filing with the Stock Exchange of Thailand, the joint venture, Gulf Binance, will begin operating on an invitation-only basis before its public launch in early 2024. The project received approval from the Securities and Exchange Commission on Nov. 10 and was granted digital asset operator licenses by Thailand’s Ministry of Finance on May 26.
The partnership leverages Gulf’s strong local presence and network, with Binance regional head Richard Teng emphasizing the strategic use of these resources. Gulf Energy, led by Thai billionaire Sarath Ratanavadi, is a major player in various sectors including renewable energy production and infrastructure development.
Tackling Cryptocurrency Scams
Despite the rise of cryptocurrency in Thailand, there have been concerns about scams. Binance has assisted Thai law enforcement in addressing these issues by participating in operations against cryptocurrency scams. The company played a key role in disrupting significant scam networks and assisting in arrests related to investment-romance fraud targeting inexperienced investors.
This partnership marks a significant development in Thailand’s evolving regulatory environment for cryptocurrencies, especially as the country’s crypto trading landscape may be impacted by new tax regulations on overseas crypto income.
Hot Take: Expanding Crypto Influence in Thailand
The collaboration between Binance and Gulf Energy signals a significant expansion of cryptocurrency influence in Thailand, as it introduces a new player into the country’s crypto exchange market dominated by Bitkub. With growing expectations for a more crypto-friendly approach from the government, this venture sets the stage for potential shifts in the regulatory landscape and market dynamics.
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