Binance to start crypto exchange in Thailand through joint venture with Gulf Energy
Quick Take
- Gulf Binance, the joint venture, will first serve users by invitation with plans to open to the public early next year, the company said in an exchange filing.
Binance is preparing to start operating a crypto exchange in Thailand early next year through a joint venture with a unit of Gulf Energy Development.
In a translated filing to the Stock Exchange of Thailand, dated Wednesday, Gulf Energy Development said Gulf Binance — the joint venture set up by Binance and Gulf Innova — obtained approval from Thailand’s Securities and Exchange Commission to commence operations.
In May, Gulf Binance obtained licenses from Thailand's Ministry of Finance to become a digital asset operator regulated by the nation’s SEC. Yesterday's filing gives it the green light to launch.
“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,” the company said in the filing.
Gulf Energy added that the exchange will initially be open to users by invitation only, with plans to open to the general public in early 2024.
Partnering with Thai billionaire
Binance and Thailand billionaire Sarath Ratanavadi's Gulf Energy first reached an agreement about the joint venture in early 2022.
A Binance spokesperson told The Block that the platform has initially launched as an invitation-only exchange. "Our plan is to eventually open the exchange to the general public."
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