Binance launches ‘invite-only’ exchange in Thailand with billionaire partnership Binance launches ‘invite-only’ exchange in Thailand with billionaire partnership
Binance partnered with the one of the largest businesses in Thailand for its new venture.
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Updated: Nov. 16, 2023 at 6:32 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Crypto exchange Binance told CryptoSlate it launched an “invitation-only” exchange in Thailand that would become available to the general public by next year, according to a Nov. 16 emailed statement.
Gulf Energy Development Pcl, one of the largest businesses in the Asian country owned by billionaire Sarath Ratanavadi, said its subsidiary Gulf Innova partnered with Binance to launch Gulf Binance Co.
On Nov. 10, the newly formed exchange obtained approval from the Thai Securities and Exchange Commission (SEC) to offer digital asset exchange and broker services for cryptocurrencies and digital tokens.
The filing reads:
“Gulf Binance’s digital asset platform will provide digital asset exchange and digital asset broker services for both cryptocurrencies and digital tokens, prioritizing security and compliance with SEC regulations.”
Even before its official presence in the country, Binance has been instrumental in assisting Thai law enforcement agencies dismantle criminal networks engaged in crypto scams. The exchange efforts helped the authorities to arrest crypto criminals and confiscate assets worth more than $270 million.
Binance solidifying Asian presence.
Meanwhile, the recent development in Thailand continues Binance’s effort to solidify its Asian presence.
This year, Binance re-entered the Japanese market and has since established itself as the most diverse crypto platform in the country, with plans to list more than 100 tokens.
Additionally, Binance also launched a regulated digital asset platform in Kazakhstan.
Despite its success in Asia, the firm has struggled to obtain local licenses in regions like the United Kingdom and several European countries, including the Netherlands, Cyprus, and Germany.
In the United States, the exchange faces legal battles against multiple federal agencies, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), who allege that it violated federal laws.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Liam 'Akiba' Wright
Also known as "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.