Binance, a global leader in cryptocurrency exchange, is set to expand its footprint in Thailand by launching a new crypto exchange. This significant move results from a joint venture with a subsidiary of Gulf Energy Development, a major force in Thailand’s energy sector led by billionaire Sarath Ratanavadi.
This collaboration, named Gulf Binance, has successfully secured the green light from Thailand’s Securities and Exchange Commission (SEC) to begin operations. This development follows Gulf Binance’s earlier acquisition of necessary licenses from the SEC, allowing it to function as a regulated digital asset exchange and brokerage. With these approvals in place, Gulf Binance is preparing for its grand opening to the public in early 2024.
Currently, the platform is in an invitation-only stage. It aims to provide comprehensive services, including cryptocurrency exchange and brokerage. Gulf Binance is placing a strong emphasis on security and adhering to SEC regulations, ensuring a secure and compliant trading environment for its users.
Gulf Energy’s Diverse Investments and Binance’s Market Reach
Gulf Energy Development, primarily known for its prominence in Thailand’s natural gas distribution, has diversified its investments. These ventures range from renewable energy and infrastructure development to digital infrastructure, showcasing the company’s adaptive business strategy. Gulf Energy’s previous investment in Binance’s U.S. operations, Binance.US, underscores its confidence in Binance’s capabilities and potential.
This venture marks Binance’s strategic entry into the Thai market. Established in early 2022, the joint venture between Binance and Gulf Energy signifies a major step for Binance in extending its global reach, particularly in Southeast Asia. This partnership is not just a business expansion for Binance but also a testament to its commitment to complying with local regulations, a critical factor in the evolving world of cryptocurrency exchanges.