Key takeaways:
- In early 2024, Binance plans to openly launch a cryptocurrency exchange based in Thailand through a joint venture.
- The Ministry of Finance in Thailand granted digital asset operator licenses to Gulf Binance on May 26, allowing the company to run a cryptocurrency exchange.
In early 2024, Binance plans to openly launch a cryptocurrency exchange based in Thailand through a joint venture with Gulf Energy Development, a major energy company in the region.
Gulf Energy filed a report with the Stock Exchange of Thailand on November 15, stating that the Gulf Binance project will launch on an invitation-only basis on November 15 and become public in early 2024. On November 10, the Securities and Exchange Commission approved the venture.
The Ministry of Finance in Thailand granted digital asset operator licenses to Gulf Binance on May 26, allowing the company to run a cryptocurrency exchange subject to SEC regulation. Binance had stated at the time that it would open a Thai branch by Q4 2023.
The exchange would take advantage of “Gulf’s established local presence and network,” according to Binance’s regional head for Asia, Europe, and the Middle East and North Africa, Richard Teng, who stated that Gulf Binance seeks to demonstrate the possibilities of blockchain technology to local customers.
Founded and led by Thai billionaire Sarath Ratanavadi, Gulf Energy is one of Thailand’s biggest natural gas distribution firms. The company makes active investments in various industry verticals, including digital infrastructure companies, infrastructure development projects, and renewable energy production.
Gulf Energy made an investment in Binance.US, the company’s US division. The company revealed its investment in “Series Seed Preferred Stock issued by BAM Trading Services,” which runs Binance.US, in April 2022.
Binance helped the Royal Thai Police recover $277 million from con artists last month. After the information was made public, more than 3,200 victims got in touch with the police to request compensation.
Tigran Gambaryan, head of financial crime compliance at Binance, announced the company’s intention to collaborate with international authorities to aid in “restoring the trust in the digital-asset ecosystem.”
As part of its exit from Russia, Binance said last week that it would be ceasing to accept local currency deposits the following week. Customers of Binance can transfer their funds to CommEX, which acquired Binance’s Russian unit in September 2023, according to the report.
