Gulf Binance: A New Player in the Thai Crypto Market
In a bold move, Binance has announced its collaboration with Gulf Energy Development to launch a Thailand-based crypto exchange, aptly named Gulf Binance. Set to officially open its virtual doors in early 2024, the platform will initially operate on an invitation-only basis, creating quite the buzz in the local crypto community.
Regulatory Green Light and Initial Steps
On November 10, the Thai Securities and Exchange Commission (SEC) gave the thumbs up for Gulf Binance to kick off its operations. The team received licenses from Thailand’s Ministry of Finance a mere few months ago, on May 26. It seems like Gulf Binance has swiftly navigated the labyrinth of regulations, and they are now ready to roll out their offering.
Local Expertise Fuels Ambitions
Richard Teng, Binance’s regional head, recently hinted that the exchange aims to leverage Gulf Energy’s established local presence. With a foundation built on trust and familiarity, they hope to demonstrate the revolutionary potential of blockchain technology. Imagine your neighborhood gas station turning into a crypto hub; that’s the spirit!
Gulf Energy: Holding the Keys to the Crypto Kingdom
Gulf Energy isn’t just about gas; this powerhouse company is venturing far and wide, delving into renewable energy, infrastructure, and now the digital world of cryptocurrencies. Founded by Thai billionaire Sarath Ratanavadi, Gulf Energy will bring a wealth of experience and resources to the partnership, promising a fusion of power and innovation.
Binance’s Efforts in Thailand: More than Just a Crypto Exchange
In addition to launching Gulf Binance, Binance has been working with Thai law enforcement to tackle the dark side of digital assets. Just last month, they assisted the Royal Thai Police in recovering $277 million linked to scams, showcasing their commitment to maintaining a trustworthy ecosystem.
“We aim to restore trust in the digital-asset ecosystem.” – Tigran Gambaryan, Head of Financial Crime Compliance at Binance
Looking Ahead: What to Expect
As the countdown begins for early 2024, potential users should stay tuned for more details on account registration and services offered. With anticipation in the air, Gulf Binance is positioning itself not just as another crypto exchange but as a potential game changer for Thailand’s digital economy.
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