In a groundbreaking stride for the cryptocurrency industry in Thailand, Binance, a global cryptocurrency exchange giant, is set to revolutionize the digital asset landscape through its collaboration with Thai billionaire Sarath Ratanavadi’s Gulf Energy. The joint venture, known as Gulf Binance, is poised to launch a cutting-edge digital asset platform, ushering in a new era of secure and compliant cryptocurrency services within the country.
The roots of this transformative venture were planted in 2022 when Binance and Gulf Energy Development Public Company Limited unveiled their strategic partnership. Recent developments, unveiled in a filing to the Stock Exchange of Thailand by Gulf Energy Development on Wednesday, shed light on the progress of Gulf Binance. Operating under Gulf Innova, the venture has achieved the coveted status of a digital asset operator from Thailand’s Ministry of Finance, a milestone attained in May.
The momentum continues to build for Gulf Binance, as the Securities and Exchange Commission (SEC) of Thailand has now granted approval for the operation of a cryptocurrency exchange. This regulatory green light is pivotal, ensuring that the forthcoming platform adheres to stringent security measures and compliance standards mandated by the SEC.
The initial phase of Gulf Binance’s launch is poised to be exclusive, with access to the platform available only by invitation. This calculated approach is designed to fine-tune the user experience and guarantee seamless functionality before opening the doors to the wider public. The company has outlined ambitious plans, with the exchange anticipated to become publicly accessible in early 2024, marking a significant turning point in Thailand’s digital asset market.
Despite the buzz surrounding this development, Binance has yet to issue an official statement regarding the joint venture’s latest milestone. The collaboration between one of the world’s leading cryptocurrency exchanges and a prominent Thai conglomerate underscores the growing significance of Thailand in the global crypto landscape.
As Gulf Binance prepares to make waves in the Thai market, the eyes of the cryptocurrency community are keenly watching for further details and announcements from the innovative joint venture.
(Source: Ambhini Aishwarya | Investing.com | Arijit Sarkar | CoinTelegraph)
