In a strategic collaboration, Binance, a global cryptocurrency exchange, is joining forces with Gulf Energy Development to launch a cryptocurrency exchange in Thailand. The joint venture, known as Gulf Binance, has received approval from the Thai Securities and Exchange Commission (SEC) on November 10, marking a significant milestone in their partnership.
According to a filing made by Gulf Energy with the Stock Exchange of Thailand on November 15, the crypto services from Gulf Binance will be initially accessible to Thai residents through an invitation-only basis. A subsequent public rollout is anticipated to take place early in 2024. The move aligns with the venture’s objective to establish a regulated cryptocurrency exchange platform in Thailand.
Gulf Binance secured digital asset operator licenses from Thailand’s Ministry of Finance on May 26, allowing it to operate as a regulated crypto exchange under the oversight of the country’s SEC. The initial plan, as announced by Binance, was to launch its Thai counterpart in the fourth quarter of 2023.
Richard Teng, Binance’s regional head for Asia, Europe, the Middle East, and North Africa, previously emphasized the strategic advantage of leveraging Gulf’s established local presence and network. Gulf Binance aims to showcase the transformative potential of blockchain technology to local users, emphasizing its commitment to driving blockchain adoption in the region.
Gulf Energy Development, a prominent player in Thailand’s energy sector, holds a diversified portfolio, including natural gas distribution, renewable power generation, infrastructure development projects, and digital infrastructure businesses. The company, led by Thai billionaire Sarath Ratanavadi, has been actively investing across various business verticals.
Notably, Gulf Energy is not a newcomer to the Binance ecosystem. The company previously invested in Binance’s United States-based arm, Binance.US. In April 2022, Gulf Energy disclosed its investment in “Series Seed Preferred Stock issued by BAM Trading Services,” the operator of Binance.US, further solidifying their collaborative efforts.
This venture comes on the heels of Binance’s recent involvement in assisting the Royal Thai Police in seizing $277 million from scammers. The collaboration underscores Binance’s commitment to working closely with authorities worldwide to restore trust in the digital asset ecosystem. As Gulf Binance sets its sights on a phased launch in Thailand, the joint venture represents a significant step forward in fostering cryptocurrency adoption in the region.
The platform’s invitation-only phase is expected to pave the way for a broader public rollout, opening new avenues for cryptocurrency enthusiasts in Thailand.