Crypto exchange planned in Thailand: Binance and Gulf Energy enter into partnership

• New crypto exchange should start as early as 2024
• Binance ventures into the Thai market for the first time in 2022
• Binance helps authorities fight crypto fraudsters

Binance and Gulf Energy launch new crypto exchange

Binance wants to establish its presence in Thailand with a new branch. The exchange, which will be operated through a joint venture between Binance and a unit of Gulf Energy, is expected to launch as early as next year. Gulf Energy is an energy company founded by Thai billionaire Sarath Ratanavadi. In a letter from Gulf Energy, the company refers to a notification to the Thai Stock Exchange dated May 26, 2023 about obtaining licenses to operate with digital assets. In addition, Binance received approval from the Securities and Exchange Commission of Thailand to start operating digital assets business on November 10, 2023.

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“Gulf Binance’s digital asset platform will provide digital asset exchange and brokerage services for cryptocurrencies and digital tokens with an emphasis on security and compliance with SEC regulations,” the letter said. Initially, the platform will only be available to select users, with the intention of making it available to the general public in early 2024. The company believes that the collaboration with the Gulf Binance name will improve the service level in Thailand through its globally standardized platform. It also aims to drive progress in the country’s blockchain ecosystem by providing services in the area of ​​digital asset infrastructure and blockchain technology.

The joint venture has existed since 2022

As CoinMarketCap explains, Gulf Energy is a major player in the Thai natural gas distribution industry. However, the company has spread its investments across various sectors, including renewable energy generation, infrastructure development and digital infrastructure companies. The Thai company has already invested in the US-based branch of Binance (Binance.US), thereby demonstrating its confidence in the performance of the exchange. The joint venture between the two companies was founded for the first time in early 2022, marking Binance’s foray into the Thai market.

Binance supports Thai authorities

Binance co-founder Changpen Zhao explains via

#Binance Aids Royal Thai Police in Crackdown on Criminal Networks | @Binance Blog https://t.co/GzMGjTlzmI

– CZ ?? BNB (@cz_binance) October 3, 2023

In the shared blog post, Binance explains that the cryptocurrency exchange recently played a crucial role in assisting Thai law enforcement in two operations that led to the dismantling of criminal networks responsible for large-scale crypto scams. These enforced measures resulted in the arrest of significant members and the seizure of significant assets. “Binance’s investigative team actively supports global law enforcement in the fight against cybercrime by providing critical information and expertise. This collaboration is a key element of Binance’s ongoing efforts to improve user security and maintain regulatory compliance in the digital asset ecosystem,” said Binance.

Editorial team finanzen.net