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Binance Teams Up With Gulf Energy To Open A Crypto Exchange, Gulf Binance, In Thailand
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Binance Teams Up With Gulf Energy To Open A Crypto Exchange, Gulf Binance, In Thailand

  • Binance teams up with Thai billionaire Sarath Ratanavadi’s Gulf Energy to launch a new crypto exchange in Thailand.
  • The proposed crypto exchange is getting approval to start early next year.

Binance, in a joint venture with local energy giant Gulf Energy Development, will publicly roll out a Thailand-based crypto exchange in early 2024.

According to the filing made by Gulf Energy on Nov. 15 to the Stock Exchange of Thailand, the venture, called Gulf Binance, will initially be available on an invitation-only basis with a public rollout by early 2024, with the firm receiving Securities and Exchange Commission approval on Nov. 10.

A Binance spokesperson confirmed to Cointelegraph that the platform has initially launched as an invitation-only exchange and would give more details as information becomes available.

Gulf Energy announces the commencement of Gulf Binance services

 

On May 26, Gulf Binance received digital asset operator licenses from Thailand’s Ministry of Finance, which enabled it to operate a crypto exchange regulated by the country’s SEC. At the time, Binance had planned to launch its Thai arm by Q4 2023.

Read Also: Binance Rolls Out New Updates For Dashboard And Trading Bots

On the same day, Binance’s regional head of Asia, Europe and MENA, Richard Teng, said the exchange would harness “Gulf’s established local presence and network,” and Gulf Binance aims to show the potential of blockchain technology to local users.

Gulf Energy is one of Thailand’s largest natural gas distribution companies, founded and run by Thai billionaire Sarath Ratanavadi. The company actively invests across different business verticals, including renewable power generation, infrastructure development projects and digital infrastructure businesses, among others.

Gulf Energy invested in Binance’s United States-based arm, Binance.US. In April 2022, the firm disclosed that it invested in “Series Seed Preferred Stock issued by BAM Trading Services,” the operator of Binance.US.

Last month, Binance assisted the Royal Thai Police to seize $277 million from scammers. Following the revelation, over 3,200 victims contacted the authorities to file for compensation.

At the time, Binance’s head of financial crime compliance, Tigran Gambaryan, highlighted the company’s intent to partner with various authorities worldwide to help with “restoring the trust in the digital-asset ecosystem.”

Collaboration With A Thai Billionaire

Binance and Thai billionaire Sarath Ratanavadi’s Gulf Energy First agreed to collaborate on this joint venture in early 2020

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