By 2024, Binance will launch its cryptocurrency exchange platform in Thailand.
The strategic partnership between Binance Holdings Ltd and Gulf Energy Development PCl has become evident with the decision to open a cryptocurrency exchange in Thailand. The joint venture, named Gulf Binance Co, is preparing to commence its operations soon after obtaining approval from the Securities and Exchange Commission of Thailand. The application process began on November 10, marking a significant development following Binance’s official entry into the Southeast Asian market in May 2023.
The approval from the Securities and Exchange Commission of Thailand signifies a crucial milestone for both Binance and Gulf Energy Development. The license allows the platform, operating as a 51-49 joint venture between Gulf Innova and Binance, to provide digital asset exchange and brokerage services. Initially, the platform is scheduled to be operational in the fourth quarter of 2023.
While the official entry date for Binance into the Thai market is yet to be determined, the cryptocurrency exchange plans to adopt an invitation-based operational model in its early stages. This strategy not only demonstrates a compliance-oriented approach to the evolving global regulatory environment but also emphasizes the platform’s commitment to responsible and compliant operations.
Gulf Energy Development Pcl, led by founder and CEO Sarath Ratanavadi, stands out as one of Thailand’s largest and most influential enterprises. Ratanavadi, ranked as the country’s second richest individual on the Bloomberg Billionaires Index with a net worth of approximately $10.6 billion, brings substantial financial strength and business acumen to the joint venture. The collaboration in the fintech sector by Gulf Energy is expected to play a significant role in this joint venture.
This strategic collaboration sheds light on financial interactions between the two entities. Gulf Energy had previously invested $20 million to acquire a 0.4% stake in Binance’s U.S. operations. This strategic investment not only underscores confidence in Binance but also highlights the cross-industry synergy between traditional enterprises and the evolving cryptocurrency market.