Binance, the world’s largest cryptocurrency exchange in terms of transaction volume, has established an important partnership. The partnership includes establishing a new cryptocurrency exchange in Thailand. Here are the details…
Binance announces important collaboration
In a groundbreaking collaboration, Binance, the world’s leading cryptocurrency exchange, is joining forces with Gulf Energy Development to open a Thailand-based crypto exchange in early 2024. This strategic move follows Gulf Energy’s filing with the Stock Exchange of Thailand on November 15, in which it announced plans for the Gulf Binance initiative. The exchange will initially operate on an invitation-only basis, with a broader public offering expected in early 2024. Notably, the joint venture received approval from the Thai Securities and Exchange Commission (SEC) as of November 10.
Gulf Binance received crypto asset operator licenses from the Thai Ministry of Finance on May 26, enabling the startup to establish and operate a fully regulated crypto exchange under the jurisdiction of the country’s SEC. While the original target for the Thai exchange’s launch is the fourth quarter of 2023, a Binance spokesperson confirmed that the platform recently launched on an invitation-only basis.
Gulf Energy’s CEO is one of the richest people in the country
Richard Teng, Binance’s Regional Head for Asia, Europe, Middle East and North Africa, expressed his intention to leverage Gulf Energy’s established local presence and extensive network. Gulf Binance aims to demonstrate the potential of blockchain technology to its local user base. Gulf Energy, a major player in Thailand, is led by founder and CEO Sarath Ratanavadi, who is the country’s second-richest person with an estimated net worth of approximately $10.6 billion, according to the Bloomberg Billionaires Index.
This collaboration comes on the heels of Binance’s recent collaboration with Thai law enforcement, which resulted in the busting of cryptocurrency fraud criminal rings. Binance’s Research team has worked closely with the Royal Thai Police’s Cyber Crime Investigation Bureau (CCIB) to combat fraudulent activity.
The exchange works with law enforcement
One notable success was the foiling of a “pork butchering” scam that led to the arrest of five key individuals and the seizure of assets worth THB10 billion ($277 million) and provided compensation to more than 3,200 victims. Binance also played a key role in uncovering and blocking another crypto scam, resulting in arrests at 30 locations and the seizure of assets including 16 luxury residences, 12 vehicles, and 16 million THB.
As Gulf Binance moves forward with its phased launch, the crypto community awaits more details about this transformative partnership and its implications for broader adoption of blockchain technology in Thailand.
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