Leading cryptocurrency exchange, Binance, is gearing up to launch its operations in Thailand through a partnership with Gulf Energy.
The joint venture, named Gulf Binance, has received approval from Thailand’s Securities and Exchange Commission (SEC) to commence operations. This follows a translated filing to the Stock Exchange of Thailand by Gulf Energy Development.
Gulf Binance received licenses from Thailand’s Ministry of Finance in May, allowing it to operate as a digital asset operator regulated by the nation’s SEC.
The platform plans to offer digital asset exchange and broker services for both cryptocurrencies and digital tokens, highlighting security and compliance with SEC regulations. The exchange will initially be available to invited users only, with a general public launch planned for early 2024.
Binance and Gulf Energy, owned by Thai billionaire Sarath Ratanavadi, first agreed to form the joint venture in early 2022. A Binance spokesperson confirmed that the platform has launched as an invitation-only exchange, with plans to open to the general public eventually.
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