In a significant move for the cryptocurrency market in Thailand, Binance, a leading global cryptocurrency exchange, is partnering with Gulf Energy Development, one of Thailand's major energy companies, to launch a new crypto exchange. This joint venture, named Gulf Binance, is poised to introduce a platform for digital asset exchange and digital asset broker services, focusing on both cryptocurrencies and digital tokens. With a commitment to security and adherence to the regulations of Thailand's Securities and Exchange Commission (SEC), the exchange is set to make a notable entry into the Thai market.
The new exchange, Gulf Binance, will initially operate on an invitation-only basis, with plans to open to the wider public in early 2024. This strategic approach aims to ensure a controlled and secure rollout of services. According to Gulf Energy's announcement in a Wednesday filing with the Stock Exchange of Thailand (SET), the collaboration with Binance is expected to enhance digital and crypto services in Thailand and contribute positively to the country's burgeoning blockchain ecosystem.
A spokesperson for Binance indicated that more details regarding the launch and operations of the Thailand-based exchange would be forthcoming. The formation of Gulf Binance follows the May announcement that the exchange had secured digital asset operator licenses from Thailand's Ministry of Finance. Richard Teng, Binance's head of Asia, Europe, and MENA, expressed gratitude for the licenses, signaling a commitment to supporting users and the community in Thailand.
The partnership between Gulf Energy and Binance was initially revealed in January 2022. At that time, Teng emphasized the synergy between Gulf Energy's established local network and Binance's expertise in cryptocurrency. This collaboration aims to unlock the full potential of blockchain technology and cater to the specific needs of Thai users.
Thailand is recognized as a crypto-friendly nation, yet it has implemented various regulations to safeguard digital asset business operators and protect client assets. These regulations include the requirement for operators to have contingency plans to secure digital wallets and cryptographic keys.
Binance's expansion in Thailand extends beyond the launch of Gulf Binance. Recently, the exchange played a pivotal role in aiding Thai authorities in dismantling criminal networks involved in crypto-related scams. Binance's Investigations team collaborated with Thai law enforcement on cybercrime investigations, prosecutions, and asset seizures. This included the confiscation of luxury cars, land, and residential properties.
The establishment of Gulf Binance marks a significant step in Binance's global expansion strategy and reflects the growing interest in and regulation of the cryptocurrency market in Thailand. As Binance continues to strengthen its presence in the country, the partnership with Gulf Energy is set to provide a secure and regulated platform for cryptocurrency trading and services, aligning with Thailand's progressive stance on digital assets.