Binance and Gulf Energy Venture Set to Launch Crypto Exchange in Thailand
Initially, the platform will cater exclusively to invited users before broadening its services to the general public in early 2024, according to Gulf Energy Development.
Binance, one of the world's largest cryptocurrency exchanges, is gearing up to launch operations in Thailand through a joint venture with Gulf Energy Development, named Gulf Binance. The initiative is scheduled to commence public operations early next year, following an initial invitation-only phase.
Gulf Binance, a collaboration between Binance and Gulf Innova, received the approval of Thailand’s Securities and Exchange Commission (SEC) to start its operations, as announced in a filing to the Stock Exchange of Thailand on Wednesday.
Having secured licenses from Thailand's Ministry of Finance earlier in May, the venture is poised to offer digital asset exchange and brokerage services encompassing cryptocurrencies and digital tokens while maintaining compliance with SEC regulations, prioritizing security.
Initially, the platform will cater exclusively to invited users before broadening its services to the general public in early 2024, according to Gulf Energy Development.
The collaboration between Binance and Thai billionaire Sarath Ratanavadi's Gulf Energy began shaping in early 2022, aiming to establish a secure and regulatory-compliant crypto exchange. A Binance spokesperson clarified that the platform's current phase involves an invitation-only approach, with plans to progressively extend access to the wider public.
