In a strategic partnership, Binance and Gulf Energy Development plan to launch a cryptocurrency exchange in Thailand in early 2024. The joint venture, Gulf Binance, received approval from the Securities and Exchange Commission of Thailand (SEC) on November 10, as announced by Gulf Energy on November 15.
Gulf Binance will initially operate as an invitation-only platform, with opening to the public scheduled for early 2024, a Binance spokesperson told Cointelegraph. The company obtained the digital asset operator license from the Thai Ministry of Finance on May 26, with initial plans to launch the Thai subsidiary in the fourth quarter of 2023.
The strategic alliance seeks to leverage Gulf Energy’s established local network and infrastructure. Richard Teng, Binance Regional Director for Asia, Europe, the Middle East and North Africa, highlighted that Gulf Binance aims to demonstrate the potential of blockchain technology to the local audience.
Gulf Energy Development, headed by Thai billionaire Sarath Ratanavadi, is a prominent natural gas distribution company in Thailand. In addition to this joint project, the company has previously invested in Binance’s US division, Binance.US.
Notably, last month, the exchange collaborated with the Royal Thai Police to seize $277 million linked to scammers, prompting more than 3,200 victims to seek compensation from authorities.
(Referential image source: Kanchanara, Unsplash)