In early 2024, #Binance intends to launch a cryptocurrency exchange in #Thailand through a collaborative effort with #Gulf Energy Development, a prominent local energy corporation.
According to a registration made by Gulf Energy on November 15th with the Stock Exchange of Thailand, the Gulf Binance endeavor will commence as an exclusive offering, limited to invitation-only participants. However, it is anticipated that the venture would be made available to the general public by early 2024. On November 10th, the company obtained authorization from the Thai Securities and Exchange Commission (SEC).
A representative from Binance has verified to Cointelegraph that the platform was first introduced as an exclusive exchange, with further information to be disclosed when it becomes accessible.
Gulf Binance obtained licenses as a digital asset operator from the Ministry of Finance in Thailand on May 26. These licenses enable Gulf Binance to operate a cryptocurrency exchange that is subject to regulation by the Securities and Exchange Commission (SEC) of Thailand. Binance has previously announced its intention to establish a subsidiary in Thailand during the fourth quarter of 2023.
During the same day, Richard Teng, the regional head of Asia, Europe, and the Middle East and North Africa at Binance, expressed the intention of leveraging the established local presence and network of Gulf Binance. The objective of Gulf Binance is to demonstrate the potential of blockchain technology to users in the region.

Gulf Energy is a prominent natural gas distribution company in Thailand, known for its substantial size and market presence. The organization was established and is currently overseen by Sarath Ratanavadi, a prominent Thai businessman. The company engages in active investments across many industry verticals, encompassing renewable power generating, infrastructure development projects, and digital infrastructure enterprises, among other sectors.
Gulf Energy made an investment in Binance's subsidiary, Binance.US, which operates in the United States. During the month of April in the year 2022, the company made a public announcement regarding its investment in the "Series Seed Preferred Stock" issued by BAM Trading Services, which serves as the operator for Binance.US.
In the previous month, Binance provided support to the Royal Thai Police in the confiscation of a total of $277 million from individuals engaged in fraudulent activities. In the aftermath of the disclosure, a total of 3,200 individuals reached out to the relevant authorities in order to initiate the process of seeking financial restitution.
During that period, Tigran Gambaryan, the head of financial crime compliance at Binance, emphasized the company's intention to collaborate with many global agencies in order to contribute to the restoration of confidence within the digital-asset ecosystem.