©Reuters.
In a significant move for Thailand’s cryptocurrency industry, Binance, one of the world’s leading cryptocurrency exchanges, is set to launch a new digital asset platform through its joint venture with Gulf Energy of Thai billionaire Sarath Ratanavadi. This collaboration, known as Gulf Binance, aims to introduce a secure and regulatory-compliant exchange and brokerage service for cryptocurrencies and digital tokens in the country.
The foundation for this venture was laid in 2022 when Binance and Gulf Energy Development Public Company Limited announced their partnership. The recent developments were disclosed in a filing to the Stock Exchange of Thailand on Wednesday by Gulf Energy Development. This document reveals that Gulf Binance, which operates under Gulf Innova, obtained digital asset operator status from the Thai Ministry of Finance last May.
In addition to this progress, the Securities and Exchange Commission (SEC) of Thailand has now given approval to Gulf Binance to operate a cryptocurrency exchange. This regulatory green light is crucial, as it ensures that the future platform adheres to the rigorous security measures and compliance standards established by the SEC.
Gulf Binance is preparing for an initial phase during which access to the platform will be by invitation only. This approach aims to improve user experience and ensure seamless functionality before opening its doors to the general public. The company plans for the exchange to become publicly available in early 2024, marking a new chapter in Thailand’s digital asset market.
As anticipation builds around this development, Binance is yet to release an official statement regarding the latest stage of the joint venture.
This article was generated and translated with the help of AI and reviewed by an editor. For more information, see our T&Cs.