Binance joint venture Gulf Binance, in collaboration with Gulf Innova, received approval from Thailand’s SEC to launch an exchange. Licensed by the Ministry of Finance of Thailand, Gulf Binance will provide cryptocurrency and digital token exchange services. Binance played a key role in helping Thai authorities dismantle criminal networks, seizing assets worth more than $277 million in scams.
Binance, the world’s largest cryptocurrency exchange, is set to expand its global presence with an early cryptocurrency exchange launch in Thailand, a joint venture with Gulf Innova, a unit of Gulf Energy Development, which recently received approval from the Securities and Exchange Commission of Thailand.
This November 15, Gulf Energy Development submitted an application to the Stock Exchange of Thailand stating that the Gulf Binance company will initially be an “invitation only” company and will be publicly launched in early 2024. Additionally, Gulf Binance received approval from the Securities and Exchange Commission of Thailand on November 10.
Initially, Gulf Binance will operate exclusively by invitation before gradually opening up to the general public. This cautious strategy aligns with the changing global regulatory landscape surrounding digital assets.
According to experts, the recent partnership highlights the commitment of both companies to comply with the standards of the country’s regulators.
Currently, Gulf Energy Development, founded by Sarath Ratanavadi, is one of the largest natural gas distribution companies in Thailand and the region. Additionally, Sarath Ratanavadi, with a net worth of approximately $10.6 billion, ranks as the second richest individual in the country, according to the Bloomberg Billionaires Index.
Binance Plans to Launch Cryptocurrency Exchange in Thailand
In a statement to the Stock Exchange of Thailand, Gulf Energy Development revealed that Gulf Binance had obtained the necessary licenses from the Thai Ministry of Finance, marking a major milestone as a regulated digital asset operator.
The company stated in its presentation that “Gulf Binance’s digital asset platform will provide digital asset exchange and digital asset brokerage services for both cryptocurrencies and digital tokens, prioritizing security and compliance with SEC regulations.”
Despite this progressive step, concerns remain over cryptocurrency scams in Thailand. Binance has been instrumental in helping Thai authorities address these challenges. The exchange played a pivotal role in two major operations that dismantled criminal networks involved in major cryptocurrency scams.
The first operation, called “Operation Trust Nobody,” led to the arrest of people behind a widespread “pig butchering” scam. This term describes a hybrid investment and romance scam that preys on novice investors. This operation, which resulted in the seizure of assets worth more than $277 million, highlighted the impact of these types of scams on Thai citizens.
Thailand Adapts New Crypto Regulations in Full Entry of Binance
In another notable effort, Binance contributed to the disruption of a large transnational cryptocurrency scam ring, leading to multiple arrests and the confiscation of luxury assets and cash.
Tigran Gambaryan, Head of Financial Crimes Compliance at Binance, also emphasized the global reach of its security efforts, stating that “Our sustained effort produced tangible results, reiterating that genuine security is not limited by geographical limitations.”
The planned launch of the Binance exchange in Thailand comes amid evolving regulations. Overall, many expect the country’s new government to adopt a more cryptocurrency-friendly stance.
This development is particularly significant as Thailand’s cryptocurrency exchange scene is currently dominated by Bitkub. However, with reports of new foreign income tax regulations for cryptocurrency traders, the future remains uncertain.
By Audy Castaneda