Binance is set to launch a Thailand-based crypto exchange in collaboration with Gulf Energy Development, a local energy giant. This strategic partnership, known as Gulf Binance, recently received approval from the Thai Securities and Exchange Commission (SEC) on November 10, marking a significant milestone in the venture.
Prelude to Public Rollout
Initially, Gulf Binance will operate on an invitation-only basis, extending its crypto services exclusively to Thai residents. This exclusive phase is designed to lay the groundwork for a seamless and controlled public rollout, scheduled for early 2024. This is as outlined in a recent filing with the Stock Exchange of Thailand.
The journey towards establishing Gulf Binance gained momentum when, on May 26, the venture secured digital asset operator licenses from Thailand’s Ministry of Finance. This pivotal achievement positioned Gulf Binance to operate a regulated crypto exchange under the purview of the country’s SEC. At the time, Binance had articulated its plan to unveil its Thai arm by Q4 of 2023.
Richard Teng, Binance’s regional head of Asia, Europe, and the Middle East and North Africa, emphasized the strategic advantage of harnessing Gulf Energy’s established local presence and extensive network. Gulf Binance aspires to showcase the transformative potential of blockchain technology to the Thai audience. Subsequently, also paving the way for broader adoption.
A Powerhouse in Thailand’s Business Landscape
Gulf Energy Development, led by Thai billionaire Sarath Ratanavadi, stands as one of Thailand’s prominent natural gas distribution companies. The company’s diverse portfolio includes active investments in renewable power generation, infrastructure development projects, and digital infrastructure businesses.
Notably, Gulf Energy previously invested in Binance’s U.S.-based arm, Binance.US, in a testament to their ongoing collaboration.
Binance’s Commitment to Security and Collaboration
In a recent collaboration with the Royal Thai Police, Binance played a pivotal role in seizing $277 million from scammers. This joint effort underscored Binance’s commitment to partnering with global authorities, as articulated by Tigran Gambaryan, Binance’s head of financial crime compliance.
The objective is to contribute to “restoring trust in the digital-asset ecosystem” by actively engaging with law enforcement agencies worldwide.