Crypto exchange giant Binance is preparing to launch a cryptocurrency exchange in Thailand through a joint venture with Gulf Energy Development. In its exchange application, the company stated that Gulf Binance, the joint venture, will initially serve users with invitations and is planned to go public at the beginning of next year.
Binance is preparing to operate a cryptocurrency exchange in Thailand at the beginning of next year through a joint venture established with a unit of Gulf Energy Development. Gulf Energy Development announced on November 15 that the joint venture established by Binance and Gulf Innova has obtained approval from the Securities and Exchange Commission (SEC) of Thailand to start Gulf Binance’s operations.
Gulf Binance had received a license from the Thai Ministry of Finance to operate as a digital asset operator regulated by the country’s SEC in May. The application made to the Thai SEC yesterday officially confirmed the green light for the launch.
The application from the company stated that “Gulf Binance’s digital asset platform will provide digital asset exchange and digital asset brokerage services for both cryptocurrencies and digital tokens, prioritizing security and compliance with SEC regulations.” Gulf Energy also added that the cryptocurrency exchange will initially serve users with invitations and is planned to go public at the beginning of 2024.
Indeed, a spokesperson for Binance, speaking to The Block, emphasized that Gulf Binance is initially launched as a cryptocurrency exchange that can only be registered by invitation, stating, “Our plan is to eventually open the exchange to everyone.”
Binance and Thai billionaire Sarath Ratanavadi‘s Gulf Energy first made headlines when they reached an agreement on a joint venture in early 2022. Gulf Binance will be the first result of this partnership.