- The exchange is now open by invitation only as per company representative.
- Sarath Ratanavadi, a billionaire Thai businessman, founded and runs the Gulf Energy.
In early 2024, Binance and Gulf Energy Development, a major energy provider in Thailand, will launch a cryptocurrency exchange in the nation.
According to a filing made by Gulf Energy on the Stock Exchange of Thailand on November 15th, the Gulf Binance initiative would launch privately at first and then publicly in early 2024. On November 10th, the company was granted registration with the Thai Securities and Exchange Commission (SEC). A representative for Binance told that the exchange is now open by invitation only, and that further information will be provided when it became available.
Strategic Expansion
On May 26, Gulf Binance was granted digital asset operator license by the Thai Ministry of Finance, allowing it to begin operating a cryptocurrency exchange subject to oversight by the Securities and Exchange Commission of Thailand. The original target date for the opening of Binance in Thailand was the fourth quarter of 2023.
Gulf Binance seeks to demonstrate the potential of blockchain technology to local people, as stated by Richard Teng, regional leader of Asia, Europe, and the Middle East and North Africa at Binance, on the same day.
Gulf Energy is a major player in the Thai natural gas market. Sarath Ratanavadi, a billionaire Thai businessman, founded and runs the company. The firm aggressively invests across multiple industry sectors, including renewable power generating, development of infrastructure projects and digital infrastructure enterprises, among others.
Gulf Energy made an investment in Binance.US, the exchange’s US division. The company announced in April 2022 that it has purchased “Series Seed Preferred Stock issued by BAM Trading Services,” the company that runs the exchange platform Binance.US.
Moreover, the Japanese subsidiary of cryptocurrency exchange Binance has lately announced the addition of 13 new tokens. Following this update on November 27th, the total number of tokens available on the trading platform will increase to 47.
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Source: https://thenewscrypto.com/binance-and-gulf-energy-set-to-launch-crypto-exchange-in-thailand/