Key Takeaways
- Binance partners with Gulf Energy Development to launch a Thailand-based crypto exchange in early 2024.
- The venture, approved by the Thai SEC, will initially operate on an invitation-only basis.
- This collaboration marks Binance's growing involvement in Thailand's digital asset market and broader regulatory cooperation.
Binance, a leading global cryptocurrency exchange, is set to expand its presence in Thailand by establishing a new crypto exchange. This development comes through a joint venture with Gulf Energy Development, one of Thailand's major energy companies.
The announcement was made in Gulf Energy's November 15th filing with the Stock Exchange of Thailand, outlining plans for the Gulf Binance venture to begin with an invitation-only launch, followed by a public launch in early 2024.
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It is worth noting that the initiative has already received the green light from the Thai Securities and Exchange Commission (SEC) on November 10th.
A Binance spokesperson confirmed the platform's initial invitation-only launch and promised more details as they become available.
Gulf Binance's journey began on May 26th, when it acquired digital asset operator licenses from Thailand’s Ministry of Finance, authorizing it to run a crypto exchange regulated by the country's SEC. Initially, Binance aimed to launch its Thai branch by the end of 2023.
Richard Teng, Binance’s regional head for Asia, Europe, and the Middle East and North Africa, expressed that the venture would leverage the Gulf’s established local presence and network. The man added that the collaboration between Gulf Energy and Binance represents a significant step in demonstrating blockchain technology's potential in the Thai market.
Gulf Energy, led by Thai billionaire Sarath Ratanavadi, is a key player in Thailand's natural gas distribution sector. The company's diverse investments span renewable energy, infrastructure development, and digital infrastructure businesses, among others.
Notably, Gulf Energy has also invested in Binance’s US arm, Binance.US, by acquiring “Series Seed Preferred Stock issued by BAM Trading Services,” the operator of Binance.US, in April 2022.
Binance's joint venture with Gulf Energy Development marks a significant expansion into Thailand's cryptocurrency market, with plans for an early 2024 launch of a new crypto exchange, reflecting a strategic blend of technological innovation and local market expertise.
