Binance will roll out a Thailand-based crypto exchange in early 2024 through a joint venture with Gulf Energy Development. The announcement comes after Gulf Energy filed with the Stock Exchange of Thailand for a new venture, named Gulf Binance,

Cointelegraph reported that while the venture will initially operate on an invitation-only basis, it is expected to have a full public rollout by early 2024, after receiving approval from the Securities and Exchange Commission on November 10.

Golive Binance Launched as Exclusive Invitation-Only Platform

According to a Binance spokesperson, the Gulf Binance platform has already been launched as an invitation-only exchange. The exchange is expected to provide further details to the public as more information becomes available.

Gulf Binance has obtained digital asset operator licenses from Thailand's Ministry of Finance, enabling it to operate as a regulated crypto exchange under the supervision of the country's SEC. According to Bangkok Post, Binance had previously planned to launch its Thai arm by the fourth quarter of 2023.

Building on Gulf's Established Local Presence

Richard Teng, Binance's regional head of Asia, Europe, and MENA, spoke optimistically about the partnership, highlighting Gulf's strong local presence and network. Gulf Binance aims to demonstrate the potential of blockchain technology to the local userbase, solidifying Thailand's stance in embracing innovative financial solutions.

Gulf Energy, founded and led by Thai billionaire Sarath Ratanavadi, is one of Thailand's largest natural gas distribution companies. The conglomerate actively invests in various business verticals, including renewable power generation, infrastructure development, and digital infrastructure projects.

Additionally, Gulf Energy has invested in Binance's United States-based arm, Binance.US. In April 2022, the company disclosed its investment in "Series Seed Preferred Stock issued by BAM Trading Services," the operator of Binance.US.

Binance also collaborated with the Royal Thai Police to seize $277 million from scammers, providing much-needed relief to over 3,200 victims. Tigran Gambaryan, Binance's head of financial crime compliance, emphasized the company's dedication to restoring trust in the digital-asset ecosystem.

Binance aims to continue partnering with authorities worldwide to combat fraudulent activities and ensure the integrity of the cryptocurrency industry.

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