Cryptocurrency exchange Binance will soon launch a Thai-based crypto exchange as part of a joint venture with local energy behemoth Gulf Energy Development. The exchange, ‘Gulf Binance,’ will be available in early 2024.
Binance Holdings and Gulf Energy Department joined forces to launch a cryptocurrency exchange in Thailand in early 2024. According to reports by Bloomberg, the exchange, called Gulf Binance Co., received approval from the Thai Securities and Exchange Commission.
📢 ICYMI: #Binance to start #crypto exchange in Thailand 🇹🇭 through joint venture with Gulf Energy!Recently, Gulf Binance has obtained licenses from Thailand’s Ministry of Finance to become a digital asset operator regulated by the nation’s SEC#BNB #BinanceGulf $BNB #BNBswap pic.twitter.com/S9kGmzqtp2
— BNB Swap (@BNBSwap) November 18, 2023
In an announcement, Gulf explained:
“The Company would like to provide notification that on November 10, 2023, Gulf Binance obtained approval from the Securities and Exchange Commission, Thailand (“SEC”) to commence operations of the digital asset business. Gulf Binance’s digital asset platform will provide digital asset exchange and digital asset broker services for both cryptocurrencies and digital tokens, prioritizing security and compliance with SEC regulations. It will initially be open to users by invitation only, with plans to open to the general public in early 2024.
Gulf further elaborated on what the joint venture could mean for Thailand:
“The Company believes that Gulf Binance, with its globally standardized platform, will elevate the level of service in Thailand and promote advancements in the country’s blockchain ecosystem through the provision of services in digital asset infrastructure and blockchain technology.”
Binance and Gulf announced they agreed to create a joint venture in 2022 and have been working closely with Thai regulators to establish a fully compliant exchange. In May, the joint venture announced it secured a digital asset operator license from Thailand’s Ministry of Finance.
Gulf Binance announced the news through a blog post explaining the joint venture aims to bring together Binance’s extensive expertise in the digital asset space and Gulf’s local industry knowledge and presence in Thailand.
Binance has been trying to assist Thai authorities with a crackdown on crypto scammers.
— CZ 🔶 Binance (@cz_binance) October 3, 2023
The exchange recently announced that it helped the Royal Thai Police seize $277 million from scammers, leading 3,200 victims to contact authorities to seek help.
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