Binance Partners with Gulf Energy to Launch Thailand-Based Crypto Exchange by 2024
Summary:
Binance plans to launch a crypto exchange in Thailand by 2024, partnering with local energy magnate Gulf Energy Development. The invite-only service, named Gulf Binance, received Securities and Exchange Commission approval in November 2023. Gulf Energy previously invested in Binance's U.S. arm and is also diversely invested in several businesses including renewable energy and digital infrastructure. Recently, Binance assisted Thai police in recovering $277 million from scammers, evidencing its commitment to maintaining a trustful digital-asset ecosystem.
Binance is taking steps to launch a cryptocurrency exchange in Thailand by early 2024, through a collaborative effort with local energy conglomerate, Gulf Energy Development, as per a report submitted on the Stock Exchange of Thailand by Gulf Energy on November 15. This venture named Gulf Binance, upon its initial approval from the Securities and Exchange Commission on November 10, will be accessible to select invitees only, ahead of the public unveiling in 2024. A representative of Binance, during a conversation with Cointelegraph, explained that more information about the invitees-only entry will be revealed when the time comes.
Earlier on May 26, the Thai Ministry of Finance granted Gulf Binance the required licenses to operate as a digital asset entity under the regulatory purview of the country's SEC. Back then, Binance had established the timeline for launching its Thailand operations for the fourth quarter of 2023. Gulf Energy has officially announced the inauguration of Gulf Binance services.
On the same day, Richard Teng, Binance’s Regional Head for Asia, Europe, and MENA zone, talked about exploring the advantage of Gulf’s well-grounded local affiliation and network. Gulf Binance wants to expose the endless possibilities blockchain technology offers to local customers.
Gulf Energy, one of the largest distributors of natural gas in Thailand, is the brainchild of Thai billionaire Sarath Ratanavadi. The company has investments in different sectors, such as renewable energy production, infrastructure-related projects, and digital infrastructure businesses.
Gulf Energy has also funded Binance’s US-based operational arm, Binance.US. According to an April 2022 release, Gulf Energy had invested in “Series Seed Preferred Stock issued by BAM Trading Services,” the operator of Binance.US.
Last month, Binance played a crucial role in aiding the Royal Thai Police to recover $277 million from fraudsters. After this incident, over 3,200 victims reached out to the authorities seeking compensation. Following these events, Tigran Gambaryan, Binance’s Head of Financial Crime Compliance, expressed the company's commitment to collaborating with global authorities to restore faith in the digital asset ecosystem.
Published At
11/16/2023 5:54:45 AM
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