Binance will publicly launch a Thailand-based crypto exchange in early 2024 through a joint venture with local energy giant Gulf Energy Development.
A Thailand Stock Exchange on November 15 presentation Gulf Energy's said the company, called Gulf Binance, will initially be available by invitation only and will launch publicly in early 2024, with the company receiving approval from the Securities and Exchange Commission on November 10.
A Binance spokesperson confirmed to Cointelegraph that the platform initially launched as an invitation-only exchange and would provide more details as information becomes available.
On May 26, Gulf Binance received digital asset operator licenses from ThailandMinistry of Finance, allowing it to operate a crypto exchange regulated by the country's SEC. At the time, Binance had planned to launch its Thai subsidiary by the fourth quarter of 2023.
On the same day, Binance's regional head for Asia, Europe and MENA, Richard Teng, saying The exchange would leverage โGulfโs network and established local presence,โ and Gulf Binance aims to showcase the potential of blockchain technology to local users.
Gulf Energy is one of Thailand's largest natural gas distribution companies, founded and led by Thai billionaire Sarath Ratanavadi. The company actively invests in different business sectors, including renewable energy generation, infrastructure development projects and digital infrastructure businesses, among others.
Related: India, Nigeria and Thailand top Chainalysis' 2023 Global Crypto Adoption Index
Gulf Energy invested in Binance's US-based arm, Binance.US. In April 2022, the firm revealed that it invested in โSeries Seed Preferred Stock issued by BAM Trading Servicesโ, the operator of Binance.US.
Last month, Binance helped the Royal Thai Police seize $277 million from scammers. Following the revelation, more than 3,200 victims contacted the authorities to request compensation.
#Binance helps 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 crimes compliance, Tigran Gambaryan, highlighted the company's intention to partner with various authorities around the world to help "restore trust in the digital asset ecosystem."
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