Cryptocurrency Exchange Partnership: Binance and Gulf Energy
Cryptocurrency exchange Binance is set to launch a new venture in Thailand in collaboration with Gulf Energy Development. The joint effort, known as ‘Gulf Binance,’ is scheduled to be operational in early 2024.
Gulf Binance’s Impact on Thailand’s Blockchain Ecosystem
Binance Holdings and Gulf Energy Department have come together to introduce a cryptocurrency exchange in Thailand, gaining approval from the Thai Securities and Exchange Commission. Gulf Binance Co., as it is named, is poised to enhance the country’s blockchain ecosystem by providing digital asset exchange and broker services for both cryptocurrencies and digital tokens. The platform prioritizes security and compliance with SEC regulations. Initially, it will be accessible by invitation only, with plans to open to the general public in early 2024.
Gulf Energy emphasized the significance of Gulf Binance in advancing Thailand’s blockchain infrastructure:
“The Company believes that Gulf Binance, with its globally standardized platform, will elevate the level of service in Thailand and promote advancements in the country’s blockchain ecosystem through the provision of services in digital asset infrastructure and blockchain technology.”
Binance and Gulf announced their joint venture in 2022, actively collaborating with Thai regulators to establish a fully compliant exchange. In May, the joint venture secured a digital asset operator license from Thailand’s Ministry of Finance.
Gulf Binance shared the news through a blog post, highlighting the joint venture’s goal of combining Binance’s extensive expertise in the digital asset space with Gulf’s local industry knowledge and presence in Thailand.
Binance’s Contribution to Thai Authorities in Crypto Seizures
Binance has actively supported Thai authorities in their efforts to crack down on crypto scammers. The exchange recently announced its collaboration with the Royal Thai Police, resulting in the seizure of $277 million from scammers. This initiative led 3,200 victims to contact authorities seeking assistance.
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