Binance is planning to unveil a cryptocurrency exchange in Thailand in early 2024 through a collaboration with Gulf Energy Development, a local energy giant. Initially operating on an invitation-only basis, the Gulf Binance platform is set to publicly launch by early 2024.
It was confirmed by a Nov. 15 filing with the Stock Exchange of Thailand by Gulf Energy, which received approval from the Thai Securities and Exchange Commission on Nov. 10. A Binance spokesperson, acknowledged the initial invitation-only status of the exchange and stated that further details would be provided as they become available.
Gulf Binance acquired digital asset operator licenses from Thailand’s Ministry of Finance on May 26, allowing it to run a regulated crypto exchange under the supervision of the country’s SEC. The initial plan, announced by Binance in May, aimed for the Thai arm’s launch in Q4 2023. Richard Teng, Binance’s regional head of Asia, Europe, and the Middle East and North Africa, previously expressed the intention to leverage the Gulf’s local presence and network to demonstrate the potential of blockchain technology to Thai users.
Gulf Energy, led by Thai billionaire Sarath Ratanavadi, is a major player in the country’s natural gas distribution sector and is actively involved in various business verticals, including renewable power generation and digital infrastructure. It’s worth noting that Gulf Energy had invested in Binance’s U.S.-based arm, Binance.US, as disclosed in April 2022. Last month, Binance collaborated with the Royal Thai Police in seizing $277 million from scammers.
Following this incident, over 3,200 victims reached out to authorities seeking compensation. Binance’s head of financial crime compliance, Tigran Gambaryan, emphasized the company’s commitment to partnering with authorities globally to rebuild trust in the digital asset ecosystem.
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