In early 2024, Binance, one of the world’s largest cryptocurrency exchanges, plans to launch a new exchange in Thailand through a joint venture with Gulf Energy Development. The project, known as Gulf Binance, received approval from the Securities and Exchange Commission and is set to launch on an invitation-only basis on November 15, 2023, before becoming publicly available in early 2024. Gulf Binance was granted digital asset operator licenses by the Ministry of Finance in Thailand, allowing it to operate under SEC regulation. The exchange aims to leverage Gulf Energy’s local presence and network to showcase the potential of blockchain technology to Thai customers.Gulf Energy Development, led by Thai billionaire Sarath Ratanavadi, is a major player in the energy sector, particularly in natural gas distribution. The company has diversified its investments into various industries, including digital infrastructure, infrastructure development, and renewable energy production. In April 2022, Gulf Energy made an investment in Binance’s US division, Binance.US.Binance has been actively involved in combating financial fraud and supporting law enforcement efforts. Recently, the company helped the Royal Thai Police recover $277 million from con artists, leading to over 3,200 victims seeking compensation. Binance’s head of financial crime compliance, Tigran Gambaryan, expressed the company’s commitment to collaborating with international authorities to restore trust in the digital asset ecosystem.As part of its exit from Russia, Binance announced that it would no longer accept local currency deposits. Customers were given the option to transfer their funds to CommEX, which acquired Binance’s Russian unit in September 2023.Overall, Binance’s expansion into Thailand through the Gulf Binance joint venture demonstrates the company’s commitment to exploring new markets and leveraging strategic partnerships to promote the adoption of blockchain technology.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇹🇠|
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Sarath Ratanavadi, Tigran Gambaryan, Richard Teng |
| Companies | Ministry of Finance, Gulf Energy Development, Gulf Binance, Securities and Exchange Commission, Binance |
| Currencies | Thai Baht, US Dollar |
| Securities | None |
