Binance and Billionaire Ratanavadi Join Forces for Thailand Beta Launchby Fintech News Singapore January 16, 2024
Global cryptocurrency exchange Binance is set to launch its operations in Thailand through a partnership with Gulf Energy Development.
This joint venture, named Gulf Binance, has been approved by Thailand’s Securities and Exchange Commission (SEC).
The agreement for this joint venture was reached in early 2022, marking Binance’s partnership with Thai billionaire Sarath Ratanavadi’s Gulf Energy.
Gulf Binance had recently received authorisation from the Thai Ministry of Finance, enabling it to function as a SEC-regulated digital asset operator in the country.
According to a recent announcement, Gulf Binance will offer a digital asset platform that includes services such as digital asset exchange and brokerage for cryptocurrencies and digital tokens.
Initially, Gulf Binance will operate on an invitation-only basis, with a broader public launch anticipated in early 2024.
In a conversation with Cointelegraph, a Binance spokesperson revealed that while the initial services will be limited to spot trading.
The exchange will look into expanding its service offerings by securing the necessary regulatory approvals.