Binance Partners with Gulf Energy for New Thai Crypto Exchange to Launch in 2024

Binance, a global leader in crypto services, has teamed up with Gulf Energy Development, one of Thailand’s largest energy companies. Together, they are set to launch Gulf Binance, a new crypto exchange. This venture is set to go live in early 2024, initially operating on an invitation-only basis.

What you need to know

• Binance collaborates with Gulf Energy Development to launch Gulf Binance, a new cryptocurrency exchange in Thailand.
• The joint venture received its digital asset operator license from Thailand’s Ministry of Finance and approval from the country’s Securities and Exchange Commission.
• Gulf Energy, a major energy company in Thailand, expands into the digital asset market and has invested in Binance’s U.S. operations through BAM Trading Services.

Gulf Energy, led by Thai billionaire Sarath Ratanavadi, is diversifying its portfolio by venturing into the digital asset space with Binance. Gulf Energy is already a key player in various sectors, including natural gas distribution, renewable power generation, and digital infrastructure. This move into cryptocurrency aligns with its strategy of expanding into new, innovative business areas.

The collaboration between Binance and Gulf Energy received its digital asset operator licenses from Thailand’s Ministry of Finance on May 26, enabling Gulf Binance to operate a regulated crypto exchange. This was a critical step, as it allowed the venture to align with the country’s SEC regulations.

The establishment of Gulf Binance received a boost when the Thai Securities and Exchange Commission approved the venture on November 10. This approval, announced in a filing by Gulf Energy to the Stock Exchange of Thailand, marked a key milestone in the project’s development. Gulf Energy Development, has already formally informed the Thai Stock Exchange in January of 2021 of the plans where its subsidiary Gulf Innova is considered to start digital asset exchange with Binance.

Adding to Binance’s commitment to regulatory compliance and collaboration with global authorities, the company played a crucial role in a recent major law enforcement operation in Thailand. Binance assisted the Royal Thai Police in recovering $277 million from scammers. This incident led to over 3,200 victims coming forward to file for compensation. Tigran Gambaryan, Binance’s head of financial crime compliance, emphasized the company’s intent to work with various global authorities to restore trust in the digital asset ecosystem.

In a related move, Gulf Energy has shown its commitment to the cryptocurrency space by investing in Binance’s operations in the United States. In April 2022, the company disclosed an investment in Binance.US through BAM Trading Services.

Richard Teng, Binance’s regional head of Asia, Europe, and MENA, highlighted the strategic importance of this partnership, stating it would harness “Gulf’s established local presence and network.” This collaboration is expected to showcase the potential of blockchain technology to the local Thai market.

A Binance spokesperson confirmed the initial invitation-only phase of the exchange and promised more details in the future. This phased approach reflects a careful strategy to integrate the exchange into Thailand’s evolving digital asset market.