Binance and Gulf Energy Granted Approval to Launch Exchange in Thailand

Binance is preparing to expand into Thailand by launching a joint trading platform with Gulf Energy’s unit of billionaire Sarath Ratnavandi.

According to documents for SET, the new firm named Gulf Binance has received a license to provide services from the local Securities and Exchange Commission. 

In May, the Thai Ministry of Finance granted the joint project a digital asset operator license.

“The Gulf Binance platform will provide exchange and brokerage services for both cryptocurrencies and other digital tokens, with a focus on security and regulatory compliance,” the company said.

Gulf Energy added that initially the exchange will be open to users by invitation only, and public access will launch in early 2024.

The holding announced the registration of Gulf Innova’s subsidiary in December 2021. The company’s stated objective is to expand and strengthen its business in digital transformation.

In January 2022, Binance signed a memorandum of understanding with Gulf Energy. At that time the parties began exploring the possibility of launching a crypto exchange. 

In April, the firms sent applications for the relevant licenses. 

Earlier in October 2023, KBank acquired the Thai cryptocurrency exchange Satang for $102.8 million.