Binance Intends To Launch Crypto Exchange in Thailand

Binance, one of the world’s largest cryptocurrency exchange platforms, will collaborate with Gulf Energy Development, a leading energy company in Thailand, to launch Gulf Binance, a crypto exchange platform in Thailand.

According to Gulf Energy’s filing with the Stock Exchange of Thailand on November 15, Gulf Binance will initially operate on an invitation-only basis, with plans for a public launch in early 2024.

The Securities and Exchange Commission of Thailand approved the venture on November 10. Gulf Binance obtained digital asset operator licenses from the Ministry of Finance on May 26, enabling it to run a crypto exchange under the supervision of the SEC. Binance had planned to launch its Thai division by the end of 2023.

Richard Teng, who serves as Binance’s regional head for Asia, Europe, and MENA, has recently commented on the partnership with Gulf Energy. He emphasized the strategic value of Gulf Energy’s strong local presence and network.

Gulf Energy, led by Thai billionaire Sarath Ratanavadi, is a prominent player in Thailand’s natural gas distribution industry. The company is known for its diversified investment portfolio, which spans various sectors, such as renewable energy production, infrastructure development, and digital infrastructure ventures.

Gulf Binance’s digital asset platform is expected to provide digital asset exchange and broker services for cryptocurrencies and digital tokens, prioritizing security and compliance with SEC regulations.

Scams and raised concerns have hindered the growth of cryptocurrency in Thailand. Binance has played a key role in assisting Thai law enforcement in dealing with these issues. The exchange was crucial in two major operations against cryptocurrency fraud in the country.

Binance also helped disrupt a large transnational cryptocurrency fraud network, which led to multiple arrests and the seizure of valuable assets and cash.

Tigran Gambaryan, Binance’s Head of Financial Crime Compliance, emphasized the global scope of their security measures, highlighting the significance of overcoming geographical barriers in ensuring security.

The partnership between Binance and Gulf Energy is a significant step in Thailand’s evolving regulatory environment for cryptocurrencies, and it is expected to bring about a more crypto-friendly approach from the new government.