Binance will publicly roll out a Thailand-based crypto exchange in early 2024 via a joint venture with local energy giant Gulf Energy Development.
A Nov. 15 Stock Exchange of Thailand filing by Gulf Energy said the venture, called Gulf Binance, will initially be available on an invitation-only basis with a public rollout by early 2024, with the firm receiving Securities and Exchange Commission approval on Nov. 10.
A Binance spokesperson confirmed to Cointelegraph that the platform has initially launched as an invitation-only exchange and would give more details as information becomes available.
On May 26, Gulf Binance received digital asset operator licenses from Thailandโs Ministry of Finance, which enabled it to operate a crypto exchange regulated by the countryโs SEC. At the time, Binance had planned to launch its Thai arm by Q4 2023.
On the same day, Binanceโs regional head of Asia, Europe and MENA, Richard Teng, said the exchange would harness “Gulfโs established local presence and network,โ and Gulf Binance aims to show the potential of blockchain technology to local users.
Gulf Energy is one of Thailand’s largest natural gas distribution companies, founded and run by Thai billionaireย Sarath Ratanavadi. The company actively invests across different business verticals, includingย renewable power generation,ย infrastructure development projects and digital infrastructure businesses, among others.
Related: India, Nigeria, Thailand top Chainalysisโ 2023 Global Crypto Adoption Index
Gulf Energy invested in Binanceโs United States-based arm, Binance.US. In April 2022, the firm disclosed that it invested in โSeries Seed Preferred Stock issued by BAM Trading Services,โ the operator of Binance.US.
Last month, Binance assisted the Royal Thai Police to seize $277 million from scammers. Following the revelation, over 3,200 victims contacted the authorities to file for compensation.
#Binance Aids Royal Thai Police in Crackdown on Criminal Networks | @Binance Blog https://t.co/GzMGjTlzmI
โ CZ Binance (@cz_binance) October 3, 2023
At the time, Binanceโs head of financial crime compliance, Tigran Gambaryan, highlighted the companyโs intent to partner with various authorities worldwide to help with โrestoring the trust in the digital-asset ecosystem.โ
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