Binance Announces Joint Venture for Thailand-based Crypto Exchange
Binance is set to launch a new crypto exchange in Thailand in early 2024 through a joint venture with Gulf Energy Development, a local energy giant. The venture, called Gulf Binance, will initially be available on an invitation-only basis and is expected to be publicly rolled out by early 2024. This announcement follows the approval of Securities and Exchange Commission on Nov. 10.
Gulf Binance received digital asset operator licenses from Thailand’s Ministry of Finance in May, allowing it to operate as a regulated crypto exchange. The exchange aims to leverage Gulf Energy’s established local presence and network to demonstrate the potential of blockchain technology to local users.
Gulf Energy, founded by Thai billionaire Sarath Ratanavadi, is one of Thailand’s largest natural gas distribution companies with investments in various business verticals, including renewable power generation and digital infrastructure businesses.
In April 2022, Gulf Energy also invested in Binance’s United States-based arm, Binance.US. Additionally, Binance has recently assisted the Royal Thai Police in seizing funds from scammers, demonstrating its commitment to restoring trust in the digital-asset ecosystem.
Hot Take: Binance Expanding Presence in Thailand
Binance’s partnership with Gulf Energy Development marks a significant step in expanding its presence in Thailand’s crypto market. Through this joint venture, Binance aims to establish a regulated and secure platform for local users while leveraging Gulf Energy’s extensive network and resources. This move not only demonstrates Binance’s commitment to regulatory compliance but also highlights its efforts to combat fraudulent activities within the digital asset space. As Gulf Binance prepares for its public rollout, it is poised to play a pivotal role in shaping the future of blockchain technology adoption in Thailand.
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