In a significant move for the cryptocurrency industry in Thailand, Binance, one of the world's leading cryptocurrency exchanges, is set to launch a new digital asset platform through its joint venture with Thai billionaire Sarath Ratanavadi's Gulf Energy. The collaboration, known as Gulf Binance, is advancing toward introducing a secure and regulatory-compliant exchange and brokerage service for cryptocurrencies and digital tokens in the country.
The foundation for this venture was laid back in 2022 when Binance and Gulf Energy Development Public Company Limited announced their partnership. The recent developments were disclosed in a filing to the Stock Exchange of Thailand on Wednesday by Gulf Energy Development. This filing revealed that Gulf Binance, which operates under Gulf Innova, has successfully obtained the status of a digital asset operator from Thailand's Ministry of Finance as of May.
Adding to this progress, the Securities and Exchange Commission (SEC) of Thailand has now granted approval for Gulf Binance to operate a crypto exchange. This regulatory green light is crucial, as it ensures that the upcoming platform adheres to stringent security measures and compliance standards set by the SEC.
Gulf Binance is gearing up for an initial phase where access to the platform will be by invitation only. This approach aims to refine user experience and ensure seamless functionality before opening its doors to the broader public. The company has outlined plans for the exchange to become publicly accessible in early 2024, marking a new chapter in Thailand's digital asset market.
While anticipation builds around this development, Binance has not yet released an official statement regarding the joint venture's latest milestone.
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