Binance and Gulf Energy Forge Partnership for Thailand Crypto Exchange Launch

<p>In
a joint venture with Gulf Energy Development, Binance is gearing up to launch a
Thailand-based crypto exchange in early 2024. The announcement comes after Gulf
Energy's filing with the Stock Exchange of Thailand on November 15, revealing
that the Gulf Binance venture will initially operate on an invitation-only
basis, with a public rollout expected by early 2024. The venture has received
approval from the Thai Securities and Exchange Commission (SEC) as on November
10.</p><p>Binance
and Gulf Energy to Unveil Thai Crypto Exchange </p><p>This
move follows Gulf Binance's receipt of digital asset operator licenses from
Thailand’s Ministry of Finance on May 26. </p><p>These licenses allow the venture to
operate a regulated crypto exchange under the jurisdiction of the country’s
SEC. Initially, Binance had aimed to launch its Thai arm by the fourth quarter
of 2023.</p><p>A
spokesperson from Binance confirmed that the platform has been launched on an
invitation-only basis, with further details to be disclosed as more information
becomes available.</p><p>Gulf
Energy stands as one of Thailand's major enterprises, led by its founder and
CEO, Sarath Ratanavadi, who holds the position of the country's second
wealthiest individual with an estimated net worth of approximately $10.6
billion, as per the Bloomberg Billionaires Index.</p><p>Richard
Teng, Binance’s regional head of Asia, Europe, and the Middle East and North
Africa, expressed the intention to leverage Gulf's established local presence
and network. Gulf Binance aims to demonstrate the potential of blockchain
technology to the local user base.</p><blockquote><p lang="en" dir="ltr">Binance will start a crypto exchange in Thailand with the country's second-richest person after winning licenses from the regulator <a href="https://t.co/ku68qs3bf7">https://t.co/ku68qs3bf7</a></p>— Bloomberg Crypto (@crypto) <a href="https://twitter.com/crypto/status/1724973258338959726?ref_src=twsrc%5Etfw">November 16, 2023</a></blockquote><p>Binance and Thai Law Enforcement </p><p>Last month, <a href="https://www.financemagnates.com/">Finance Magnates</a> reported that <a href="https://www.financemagnates.com/cryptocurrency/binance-assists-thai-police-in-seizing-277-million-from-crypto-fraud-networks/">Binance
had collaborated with Thai law enforcement</a>, leading to the dismantling of
criminal networks involved in cryptocurrency scams. The Investigations team at
Binance worked with the Cyber Crime Investigation Bureau (CCIB) of the Royal
Thai Police. </p><p>In one case, they tackled
"pig butchering" scam, resulting in the arrest of five key
individuals and the seizure of assets worth THB 10 billion ($277 million). Over
3,200 victims sought compensation. </p><p>Additionally, <a href="https://www.financemagnates.com/tag/binance/">Binance</a> played a role
in exposing and disrupting another crypto scam, leading to arrests across 30
locations and the seizure of assets, including 16 luxury residences, 12
vehicles, and THB 16 million.</p>

This article was written by Tareq Sikder at www.financemagnates.com.