Binance is set to launch a new crypto exchange in Thailand, under a joint venture with Gulf Energy.
Binance, one of the leading cryptocurrency exchanges, is gearing up to establish its presence in Thailand with a new crypto exchange set to launch early next year.
The exchange will be operated through a joint venture between Binance and a unit of Gulf Energy Development, a major energy company founded by Thai billionaire Sarath Ratanavadi.
The collaboration, known as Gulf Binance, has received approval from Thailand's Securities and Exchange Commission (SEC) to commence operations, according to a filing translated from the Stock Exchange of Thailand.
Previously in May, Gulf Binance had obtained licenses from Thailand's Securities and Exchange Commission to operate as a regulated digital asset exchange and brokerage, and this recent approval paves the way for its official launch.
Currently in an invitation-only phase, the digital asset platform aims to offer both cryptocurrency and digital token exchange and brokerage services. Gulf Binance emphasizes security and compliance with SEC regulations to ensure a safe trading environment for users, and plans to open to the general public in early 2024.
Gulf Energy Development is a prominent player in Thailand's natural gas distribution industry. The company has diversified its investments across various sectors, including renewable power generation, infrastructure development, and digital infrastructure businesses. Notably, Gulf Energy has previously invested in Binance's United States-based arm, Binance.US, demonstrating its confidence in the exchange's capabilities.
The joint venture between Binance and Gulf Energy Development was established in early 2022 and marks Binance's foray into the Thai market.
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