Binance and Gulf Energy's joint venture, Gulf Binance, will first offer crypto services to Thai people on an invitation-only basis.
Binance will launch a Thailand-based crypto exchange in early 2024 as part of a joint venture with local energy company Gulf Energy Development.
Gulf Energy said in a Stock Exchange of Thailand filing on Nov. 15 that the venture, named Gulf Binance, will initially be available on an invitation-only basis, with a public release planned for early 2024, after getting Securities and Exchange Commission approval on Nov. 10.
A spokeswoman for Binance confirmed to Cointelegraph that the site was initially launched as an invitation-only exchange and that further information will be provided when it becomes available.
On May 26, Gulf Binance secured digital asset operator licenses from Thailand's Ministry of Finance, allowing it to operate a crypto exchange regulated by the country's Securities and Exchange Commission. Binance intends to open its Thai arm in Q4 2023.
On the same day, Binance's regional head of Asia, Europe, and the Middle East, Richard Teng, said the exchange would leverage "Gulf's established local presence and network," and Gulf Binance intends to demonstrate the potential of blockchain technology to local customers.
Gulf Energy, created and run by Thai billionaire Sarath Ratanavadi, is one of Thailand's largest natural gas distribution corporations. The corporation aggressively invests in a variety of economic sectors, including renewable energy generating, infrastructure development projects, and digital infrastructure businesses.
Gulf Energy invested in Binance.US, the company's US subsidiary. The firm stated in April 2022 that it had invested in "Series Seed Preferred Stock issued by BAM Trading Services," the operator of Binance. US.
Binance helped the Royal Thai Police capture $277 million from crooks last month. Following the disclosure, nearly 3,200 victims contacted authorities to seek compensation.
Binance's head of financial crime compliance, Tigran Gambaryan, stated at the time that the business intends to work with various agencies across the world to help with "restoring trust in the digital-asset ecosystem."
Binance's collaboration with a local energy giant to launch a Thai exchange underscores the exchange's commitment to global expansion and innovation. The strategic partnership not only signifies a major milestone in Binance's journey but also holds the potential to reshape the financial landscape in Thailand, bringing about a new era of accessible and secure cryptocurrency services. As the world watches this dynamic collaboration unfold, it highlights the evolving role of cryptocurrency exchanges in shaping the future of finance across diverse markets.