Strategic Collaboration With A Top Local Energy Firm
Binance, the global crypto exchange powerhouse, has announced plans to launch an exchange within Thailand’s borders, which could revolutionize the country’s crypto landscape. The cutting-edge digital asset platform is a joint venture between the influential local energy colossus, Gulf Energy Development, and the leading crypto exchange, Binance.
Gulf Energy made the much-anticipated disclosure in its latest filing with the Thai Stock Exchange. The announcement outlined the venture’s strategic roadmap, indicating an initial phase that would operate on an invitation-only basis.
However, the grand public unveiling is scheduled for early 2024. Recall that the Thai Securities and Exchange Commission approved the joint venture last week, signaling that Gulf Binance can proceed with its launch.
A Presence In Thailand
In a recent update, a Binance spokesperson confirmed the reports that the initial launch of their exchange platform is currently available by invitation only. The spokesperson stated that more detailed information, including updates about the exchange’s accessibility, would be released soon.
Gulf Binance achieved a significant milestone on May 26 after obtaining its digital asset operator license from Thailand’s Ministry of Finance. This license authorizes Gulf Binance to manage a regulated crypto exchange under the supervision of the country’s SEC.
Binance initially planned to launch its Thai branch before this year’s end. However, the joint venture with Gulf Energy has taken precedence.
Meanwhile, Richard Teng, the regional head overseeing Asia, Europe, the Middle East, and North Africa for Binance, disclosed the strategic leverage the exchange seeks to gain from the Gulf’s well-established local footprint and extensive network. Teng explained that Gulf Binance aims to expand the potential of blockchain technology to the local user base, highlighting a commitment to showcasing the transformative capabilities inherent in blockchain to the region.
Gulf Energy’s Diverse Portfolio
Gulf Energy is one of Thailand’s leading players in natural gas distribution. Its diverse portfolio includes sectors such as renewable power generation, infrastructure development, digital infrastructure ventures, and traditional energy.
The company’s investment in Binance.US, the United States division of Binance, was a significant step forward in its diversification drive. In a related development, the leading crypto exchange recently partnered with the Royal Thai Police in a crackdown that resulted in the seizure of $277 million from fraudulent entities.
After this operation, over 3,200 people approached authorities seeking compensation for their losses. Tigran Gambaryan, the head of Binance’s financial crime compliance division, emphasized the exchange’s commitment to collaborating with global authorities at any time.
Gambaryan added that Binance will continue with similar collaborative efforts to restore trust in the digital asset landscape. The combination of Gulf Energy’s diverse strengths and Binance’s expertise in the crypto industry further strengthens the symbiotic relationship between traditional businesses and digital finance platforms.
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