Binance Teams Up With Gulf Energy To Open Crypto Exchange In Thailand

Nov. 17, 2023
Binance Teams Up With Gulf Energy To Open Crypto Exchange In Thailand

Binance is set to publicly launch a cryptocurrency exchange in Thailand early next year through a joint venture with Gulf Energy Development, a major energy company in the region.

Gulf Energy filed a report with the Stock Exchange of Thailand on Wednesday, stating that Gulf Binance Co. — the joint venture set up by Binance and Gulf Energy’s subsidiary Gulf Innova — will be launched on an invitation-only basis on Nov. 15. The local users will get access in early 2024, the company added. On Nov. 10, the venture obtained approval from the Thai Securities and Exchange Commission (SEC). 

Gulf Binance also received digital asset operator licenses from Thailand’s Ministry of Finance on May 26, allowing the company to run a cryptocurrency exchange subject to SEC regulation. At the time, Binance had stated that it would open a Thai division in the fourth quarter of this year.

Richard Teng, the platform’s regional head for Asia, Europe, and MENA, said Binance would benefit from the Gulf’s established network. Gulf Binance aims to demonstrate the potential of blockchain technology to local customers, he added.

Gulf Energy, one of Thailand’s biggest natural gas distribution companies, is led by Thai billionaire Sarath Ratanavadi. The company makes active investments in different business verticals, including infrastructure development projects, digital infrastructure companies, and renewable energy production.

Gulf Binance stated:

“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.”

Moreover, Gulf Energy invested in Binance.US, the exchange’s US-based arm. In April, the company disclosed that it invested in “Series Seed Preferred Stock issued by BAM Trading Services,” which runs Binance.US.

Binance And Thai Law Enforcement

Finance Magnates reported last month that the exchange had cooperated with Thai law enforcement agencies, helping to dismantle crypto-scam networks. The exchange’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, arresting five key figures and seizing assets worth THB 10 billion ($277 million), benefiting more than 3,200 victims. Furthermore, the exchange exposed a crypto scam, which led to arrests in 30 locations and the seizure of assets, including 16 million THB, 12 cars, and 16 luxury homes.

Syed Ali Haider

Researcher & Editor
Ali Haider is a Blockchain enthusiast and writer passionate about enhancing the acceptance, adoption, and integration of Blockchain technology worldwide. He has also advocated for digital freedom and cybersecurity for many years.