Cryptocurrency giant Binance is partnering with Gulf Energy Development, one of Thailand’s largest conglomerates, to establish a new digital asset exchange in Thailand. The joint venture, Gulf Binance, has secured the required licenses from the Thai Securities and Exchange Commission to launch operations in early 2024.
The exchange will start off as an invitation-only platform for select users before expanding to the general public at a later stage. This strategic entry into the Thai crypto market comes as Binance, founded by Changpeng Zhao, faces mounting regulatory pressure worldwide amid a broader crypto industry clampdown following the massive losses and bankruptcies of 2022.
Gulf Energy, led by billionaire CEO Sarath Ratanavadi, boasts interests across Thailand’s energy, real estate, telecoms, and technology sectors. Ratanavadi, Thailand’s second wealthiest person with a net worth approaching $11 billion, is keen to leverage Gulf’s resources and Binance’s crypto expertise.
The Thai SEC’s approval enables Gulf Binance to become one of the first fully-regulated cryptocurrency exchanges in Thailand. With Binance’s unmatched liquidity and the Gulf’s strong local presence, the partners aim to provide Thai retail and institutional investors with safe access to digital asset trading.
The launch represents a major step in developing Thailand’s regulatory infrastructure for cryptocurrencies. By backing crypto adoption while prioritizing user protections, Gulf and Binance hope to earn the trust of wary Thai regulators and unlock the market’s full potential.
