Binance and Gulf Energy Forge Partnership for Thailand Crypto Exchange Launch

Thursday, 16/11/2023 | 10:46 GMT by Tareq Sikder

The collaboration aims to start an exchange with an invitation-only phase, aiming for a public launch in early 2024.

Sarath Ratanavadi, the CEO of Gulf Energy, ranks as the country's second wealthiest individual.

In collaboration with Gulf Energy Development, Binance is gearing up to launch a crypto exchange in Thailand in early 2024. The announcement follows Gulf Energy's filing with the Stock Exchange of Thailand on November 15. This revealed that the Gulf Binance venture will initially operate on an invitation-only basis, with a public rollout expected by early 2024. The venture has received approval from the Thai Securities and Exchange Commission (SEC) as of November 10.

Binance and Gulf Energy to Unveil Thai Crypto Exchange

The venture's progress follows Gulf Binance obtaining digital asset operator licenses from Thailand’s Ministry of Finance on May 26 as confirmed by Richard Teng, Binance’s Regional Head of Asia, Europe, and the Middle East and North Africa.

Richard Teng, Regional Head, Binance, Source: LinkedIn

These licenses allow the operation of a regulated crypto exchange under the Thai SEC’s jurisdiction. Initially, Binance had aimed to launch its Thai arm by the fourth quarter of 2023. However, a spokesperson from Binance indicated that the platform has been launched on an invitation-only basis, with further details pending.

Gulf Energy, led by Sarath Ratanavadi, Thailand's second-wealthiest individual, is poised to leverage its local presence and network in this endeavor. Binance aims to showcase blockchain technology's potential to Thai users.

Teng has expressed his intention to leverage Gulf's established local presence and network. Additionally, Gulf Binance aims to demonstrate the potential of blockchain technology to the local user base.

Binance and Thai Law Enforcement

Last month, Finance Magnates reported that Binance had collaborated with Thai law enforcement, which contributed to dismantling cryptocurrency scam networks. Binance's Investigations team worked with the Cyber Crime Investigation Bureau (CCIB) of the Royal Thai Police. In one case, they tackled a "pig butchering" scam, resulting in the arrest of five key individuals and the seizure of assets worth THB 10 billion ($277 million), benefiting over 3,200 victims.

Furthermore, Binance played a role in exposing and disrupting another crypto scam, leading to arrests across 30 locations and the seizure of assets, including 16 luxury residences, 12 vehicles, and THB 16 million.