Binance, in collaboration with Gulf Energy Development, is gearing up for the official launch of a cryptocurrency exchange in Thailand, scheduled for early 2024. This joint venture, named Gulf Binance, is on track to debut after an initial phase operating on an invite-only basis, as per Gulf Energy’s filing with the Stock Exchange of Thailand on November 15.
The initiative received the green light from the Securities and Exchange Commission on November 10. Gulf Binance obtained digital asset operator licenses from Thailand’s Ministry of Finance on May 26, allowing it to oversee a crypto exchange under the SEC’s supervision. Originally aiming for a fourth-quarter 2023 launch, Binance is now poised to establish its Thai division in the coming year.
Richard Teng, Binance’s regional head for Asia, Europe, and MENA, emphasized the strategic value of Gulf Energy’s robust local presence and expansive network in this partnership.
Gulf Energy, spearheaded by Thai billionaire Sarath Ratanavadi, is a significant player in Thailand’s natural gas distribution sector. Renowned for its diverse investment portfolio spanning renewable energy production, infrastructure development, and digital ventures, the company wields considerable influence across various sectors.
The cryptocurrency landscape in Thailand, although burgeoning, has faced challenges due to fraudulent activities. Binance has actively supported Thai law enforcement in combatting these issues, notably contributing to the success of operations against cryptocurrency scams. These operations led to the arrest of individuals involved in investment scams, resulting in asset seizures valued at over $277 million, thereby highlighting the gravity of such fraudulent schemes.
Tigran Gambaryan, Binance’s Head of Financial Crime Compliance, emphasized the global scope of their security measures, stressing the need to transcend geographical boundaries for robust security.
This collaborative initiative between Binance and Gulf Energy signifies a significant stride in Thailand’s evolving regulatory environment for cryptocurrencies. Anticipation grows for a more crypto-friendly stance from the new government, as the nation’s crypto exchange market is currently dominated by Bitkub. However, the landscape’s future remains uncertain, especially considering potential new tax regulations on foreign crypto income.