Binance is gearing up to launch a cryptocurrency exchange in Thailand in collaboration with Gulf Energy Development Company, a local powerhouse in the energy sector. As per a November 15 filing with the Stock Exchange of Thailand, the joint venture, known as Gulf Energy's Binance venture, is set to commence as an invitation-only platform initially. The public launch is anticipated to take place in early 2024 after receiving approval from Thailand’s Securities and Exchange Commission (SEC) on November 10.
A spokesperson from Binance confirmed that the exchange would initially operate on an invitation-only basis, promising to reveal more details as the launch date approaches.
Back in May, Gulf Binance secured a digital asset operator license from Thailand’s Ministry of Finance, authorizing it to operate a regulated cryptocurrency exchange under the supervision of the country’s SEC. Originally scheduled for the fourth quarter of 2023, Binance had announced plans to inaugurate its Thailand branch. Richard Teng, Binance’s head overseeing Asia, Europe, the Middle East, and North Africa, expressed intentions to leverage Gulf’s well-established local presence and network. The joint venture aimed to showcase the potential of blockchain technology to local users in the region.
Gulf Energy, led by Thai billionaire Sarath Ratanavadi, stands as a major player in Thailand’s natural gas distribution sector. The company actively invests in various sectors, including renewable energy, infrastructure development, and digital infrastructure businesses. Notably, Gulf Energy holds investments in Binance.US, the U.S. wing of Binance, having disclosed an investment in BAM Trading Services, the operator of Binance.US, through a series of seed preferred shares in April 2022.
Recently, Binance collaborated with the Royal Thai Police in seizing $277 million linked to scams, leading to more than 3,200 victims applying for compensation. Tigran Gambaryan, Binance’s head of financial crime compliance, emphasized the company's commitment to working alongside global institutions to rebuild trust in the digital asset ecosystem following the incident.
