A partnership between Binance and Gulf energy for Thailand Crypto Exchange .

Disclosures by Gulf Energy to the Stock Exchange of Thailand on 15th November claiming that the gulf Binance platform will first operate in an invite only model with a public launch slated for early 2024.

As at November 10, 2014, SEC has approved this business venture in Thailand, following the issuance of digital asset operator licenses from the Thai Ministry of Finance (MOF) to Gulf Binance on May 26, 2023, the latter will operate a regulated crypto exchange in compliance with local securities commission rules, with the first Thai.

A representative of Binance confirmed that the platform had started on an invitational basis and more information was soon going to be released.

In fact, Mr. Sarath Ratanavadi, head and founder of one of Thailand’s largest companies, Gulf Energy, is number two on the Bloomberg Billionaires Index after Mukesh Ambani.

Richard Teng, the regional head of Binance in Asia, Europe, and the Middle East and North Africa said that they intend to leverage on Gulf’s existing local presence and vast network. 

The aim with regards to Gulf Binance is to present an opportunity for the local consumers to see what the power of blockchain technologies has in store.

Binance has been working with local police agencies, resulting in shutdowns on scammer organizations in Thailand. Investigations team in Binance collaborated with CCIB of Royal Thai.

For example, they tackled on a “pig butchering scam,” apprehended five significant figures, and confiscated an approximate THB 10 billon ($277 million) worth of assets. Over 3,200 victims sought compensation.

Another crypto scam was brought down by Binance after arrests were carried out in 30 different locations and properties such as 16 luxury homes, 12 vehicles with a total worth of THB 16 million were seized.