[NEWS] Binance to open cryptocurrency exchange in Thailand as early as 2024 in partnership with major energy company

It has been revealed that major cryptocurrency exchange Binance will launch a cryptocurrency exchange called "Gulf Binance" in Thailand in early 2024. To establish the exchange, the company will partner with Gulf Energy, a major Thai energy company.

According to a Q3 2023 filing by Gulf Energy registered with the Stock Exchange of Thailand on the 15th, the cryptocurrency exchange formed through the partnership between Gulf and Binance will initially be available to invited users only. It is expected to then be open to the public in early 2024. Binance's Thai subsidiary received approval to begin operations from the Securities and Exchange Commission of Thailand on the 10th.

In a statement, Gulf Energy said, "Gulf Binance will provide digital asset trading and digital asset brokerage services for both cryptocurrencies and various digital tokens, prioritizing security and regulatory compliance."

Well-funded Gulf Energy

Gulf Energy is a well-known natural gas distributor in Thailand. Currently, Thai billionaire Sarath Ratanavadi is the CEO. According to the Bloomberg Billionaire Index, Ratanavadi has a net worth of approximately $10.6 billion.

In a third-quarter investor presentation, Ratanavadi said, "The new cryptocurrency exchange, called 'Gulf Binance,' will obtain a cryptocurrency brokerage and operating license from the Thai Ministry of Finance in May this year and is scheduled to launch in January 2024." It is stated that Gulf Energy will hold a 51% stake in Gulf Binance and Binance will hold a 49% stake.

A Binance spokesperson told various media outlets, "The platform has been launched as an invitation-only exchange. We aim to eventually open the exchange to the public."

Binance's US conflict deepens

Binance's decision to launch an exchange in Thailand comes amid ongoing US regulatory scrutiny of the company and its CEO, CZ (Changpeng Zhao).

In March, the Commodity Futures Trading Commission (CFTC) charged both CZ and its US subsidiary, Binance US, with conspiring to direct US residents to prohibited and profitable overseas exchanges.

In June, the SEC (Securities and Exchange Commission) filed a 13-count indictment against Binance and CZ for "engaging in widespread deception" to circumvent US securities laws. The Department of Justice's investigation into Binance and CZ is said to be ongoing. Since then, other countries, such as France, have followed suit and conducted their own investigations into Binance.

However, Binance's momentum is not waning globally. In April, it announced that it would open a cryptocurrency exchange in Argentina, and in August, it launched its Japanese subsidiary, Binance Japan, and is providing services. Binance plans to continue expanding its business by targeting major cities around the world where it has not yet entered.

Reference:Filing documents,Bloomberg
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