Binance Announces Expansion into Thailand in Partnership with Gulf Energy
Binance, the world’s largest cryptocurrency exchange by trading volume, is poised to launch operations in Thailand. The venture, set to commence early next year, comes as a result of a strategic partnership between Binance and Gulf Energy Development, a unit of Gulf Energy Development Public Company Limited.
The announcement, made through a translated filing to the Stock Exchange of Thailand, revealed that the joint venture, Gulf Binance, has received the green light from Thailand’s Securities and Exchange Commission (SEC) to initiate operations. Gulf Binance, established by Binance and Gulf Innova, a subsidiary of Gulf Energy Development, is primed to offer digital asset exchange and broker services for cryptocurrencies and digital tokens.
The venture, having obtained licenses from Thailand’s Ministry of Finance earlier in May, has now secured the crucial go-ahead from the SEC, marking a pivotal milestone toward its imminent launch. Initially, the digital asset platform will operate on an invitation-only basis, gradually opening to the public in early 2024.
Aiming to prioritize security and compliance with stringent regulatory standards enforced by the SEC, Gulf Binance’s introduction into Thailand’s market is expected to significantly elevate service standards in the realm of digital asset infrastructure. By leveraging Binance’s globally standardized platform, the venture seeks to foster advancements in the country’s blockchain ecosystem while providing state-of-the-art services in digital asset technology.
The joint venture, conceived in early 2022 through an agreement between Binance and Gulf Energy’s billionaire, Sarath Ratanavadi, underscores the burgeoning interest of established entities in the potential of cryptocurrencies and blockchain technology. This collaboration aligns with Thailand’s increasingly crypto-friendly regulatory environment, positioning the nation as a focal point for innovation within the rapidly evolving cryptocurrency landscape.
Binance’s foray into Thailand in partnership with Gulf Energy signifies a significant step towards mainstream acceptance and integration of digital assets within the traditional financial infrastructure. As the world eagerly watches the evolution of cryptocurrency regulation and adoption, this venture could serve as a precedent for further collaborations and expansions in the burgeoning Southeast Asian market.
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