Binance Thai exchange to work together with the local giant
Binance will officially launch its Thailand-based crypto exchange in early 2024 in partnership with local energy giant Gulf Energy Development.
In the year On November 15, Thailand's stock exchange Gulf Energy listed the Gulf Binance Ventures as a public offering in early 2024 on an invitation-only basis. 10.
A Binance spokesperson confirmed to Cointelegraph that the platform will initially launch as an invite-only exchange and will provide more details as information becomes available.
On May 26, Gulf Binance received digital asset operator licenses from Thailand's Ministry of Finance, allowing it to operate as a crypto exchange regulated by the country's SEC. At the time, Binance was planning to launch its Thailand arm in Q4 2023.
On the day, Binance's regional head of Asia, Europe and the Middle East and North Africa, Richard Teng, said the exchange will leverage “the Gulf's established local presence and network” and that Gulf Binance aims to showcase blockchain technology locally. Users.
Gulf Energy is one of Thailand's largest natural gas distribution companies. It was founded and run by Thai billionaire Sarath Ratanavadi. The company actively invests in various business verticals, including renewable energy generation, infrastructure projects and digital infrastructure businesses, among others.
Related: India, Nigeria, Thailand Top Chainalysis' 2023 Global Crypto Adoption Index
Gulf Energy has invested in Binance's United States arm, Binance.US. In the year Binance.US operator announced that in April 2022, the company will invest in seed preferred stock issued by BAM Trading Services.
Last month, Binance helped the Royal Thai Police seize $277 million from fraudsters. After the case went public, more than 3,200 victims contacted authorities to seek compensation.
#Binance Aids Royal Thai Police Crack Down on Criminal Networks | @Binance blog https://t.co/GzMGjTlzmI
— CZ Binance (@cz_binance) October 3, 2023
At the time, Binance's head of financial crime compliance, Tigran Gambarian, highlighted the company's desire to partner with authorities around the world to “restore trust in the digital-asset ecosystem.”
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