Binance plans to launch new cryptocurrency exchange in Thailand
Key Takeaways
- Binance is teaming up with Gulf Energy Development to launch a Thailand-based cryptocurrency exchange in early 2024.
- The venture, which has been approved by Thailand’s SEC, will initially operate by invitation only.
- This collaboration marks Binance’s increasing participation in Thailand’s digital asset market and broader regulatory cooperation.
BinanceA leading global cryptocurrency exchange Expands presence in Thailand by establishing new cryptocurrency exchange.. These advances are achieved through: Joint venture with Gulf Energy DevelopmentIt is one of Thailand’s leading energy companies.
The announcement was made in Gulf Energy’s November 15 filing. Gulf Binance venture plans outlined with the Stock Exchange of Thailand. Starts with invitation-only launchnext Public launch in early 2024.
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It is worth noting that this initiative has already been completed. Approved by the Securities and Exchange Commission (SEC) of Thailand. November 10th.
A Binance spokesperson confirmed and promised an initial invite-only launch of the platform. More details as they come out.
Gulf Binance’s journey began on May 26th, which has obtained a digital asset operator license from Thailand’s Ministry of Finance, authorizing it to operate a cryptocurrency exchange regulated by Thailand’s SEC. Initially, Binance aims to launch a branch in Thailand by the end of 2023..
Richard Teng, Head of Asia, Europe, Middle East and North Africa at Binance, said: The venture will leverage its strong local presence and network in the Gulf.. The man said that the cooperation between Gulf Energy and Binance An important step in proving the potential of blockchain technology In the Thai market.
Gulf Energy, led by Thai billionaire Sarath Ratanavadi, is a key player in Thailand’s natural gas distribution sector. The company’s diverse investments include renewable energy, infrastructure development, and digital infrastructure businesses.
especially, Gulf Energy also invested in Binance.US, Binance’s US subsidiary.By acquiring “series seed preferred shares issued by BAM Trading Services,” the operator of Binance.US, in April 2022.
The joint venture between Gulf Energy Development and Binance marks a significant expansion into the Thai cryptocurrency market with plans to launch a new cryptocurrency exchange in early 2024, reflecting a strategic blend of technological innovation and local market expertise. .
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