Binance, one of the world’s largest cryptocurrency exchanges, is set to establish a presence in Thailand through a joint venture with Gulf Energy Development, a prominent local energy giant. The collaboration, named Gulf Binance, has received approval from the Securities and Exchange Commission (SEC) and is set to commence operations on an invitation-only basis. This strategic partnership aims to bring cryptocurrency services to Thai residents and showcase the potential of blockchain technology. A public rollout is planned for early 2024.
In a recent filing with the Stock Exchange of Thailand, Gulf Energy Development announced that its joint venture with Binance, Gulf Binance, has obtained approval from the country’s Securities and Exchange Commission. This milestone signifies a crucial step towards the establishment of a regulated cryptocurrency exchange in Thailand. The venture received digital asset operator licenses from Thailand’s Ministry of Finance on May 26, enabling it to operate within the framework of the country’s regulatory guidelines.
Binance and Gulf Energy partnership to foster blockchain trust
Gulf Energy Development, founded and led by Thai billionaire Sarath Ratanavadi, is a prominent player in Thailand’s natural gas distribution sector. Beyond its core business, the company is actively involved in various sectors, including renewable power generation, infrastructure development projects, and digital infrastructure businesses. Gulf Energy’s investment in Binance’s United States-based arm, Binance.US, further highlights its commitment to exploring opportunities in the cryptocurrency and blockchain space.
Binance, as a global leader in the cryptocurrency industry, aims to leverage Gulf Energy’s established local presence and network to introduce blockchain technology and cryptocurrency services to the Thai market. By partnering with a well-respected energy giant, Binance seeks to demonstrate the potential of blockchain to the local user base. This collaboration aligns with the broader industry trend of integrating blockchain solutions into various sectors and showcasing their utility.
Binance’s expansion into Thailand follows its recent involvement in assisting the Royal Thai Police in seizing $277 million from scammers. This cooperative effort resulted in over 3,200 victims coming forward to file for compensation. Tigran Gambaryan, Binance’s Head of Financial Crime Compliance, emphasized the company’s commitment to partnering with authorities worldwide to restore trust in the digital asset ecosystem. This proactive approach reflects Binance’s dedication to maintaining a secure and trustworthy platform for its users.
