- Binance partners with Gulf Energy Development to launch a crypto exchange in Thailand.
- The partnership, known as Gulf Binance Co., has attained regulatory approval from the Thai SEC.
- Initially, Binance Thai will serve as an invitation-only exchange before opening to the public.
According to a report by Bloomberg, Binance and Gulf Energy Development Private Company Ltd have joined hands with the vision of expanding Binance’s services to Thailand. The report revealed that Gulf Binance Co., has attained regulatory approval from the Thai Securities and Exchange Commission (SEC), permitting Binance to launch a crypto exchange in Thailand.
The strategic partners intend to launch a new crypto exchange, Binance Thai, in Thailand by the first quarter of 2024. Before opening to the public, Binance Thai will serve as an invitation-only exchange.
In May 2023, Binance announced its plans to launch in Thailand, following the acquisition of digital asset operator licenses from Thailand’s Ministry of Finance. Gulf Energy Development, in a statement, unveiled their alliance with Binance and plan for a new crypto platform in Thailand. The firm asserted,
Gulf Binance’s digital asset platform will provide digital asset exchange and digital asset broker services for both cryptocurrencies and digital tokens, prioritizing security and compliance with SEC regulations.
Gulf Energy Development was founded by billionaire Sarath Ratanvadi, Thailand’s second richest person, and is one of the largest businesses in the country. Binance’s collaboration with the firm is expected to give rise to one of the leading crypto exchanges in Thailand, playing a major role in the country’s crypto market.
Thailand’s crypto-friendly environment has cleared the way for Binance’s expansion into the country. The country’s crypto policies and regulatory system reflect Thailand’s enthusiasm for promoting crypto markets. In a recent report, it was revealed that the country issued a tax relaxation policy for crypto companies excluding them from corporate income tax and value-added tax.
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