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Global crypto firm Binance and Thailand based energy producer Gulf Energy have entered a joint venture to establish a new digital-asset business in the country. Binance has a huge presence in Asia, and it looks like it is getting bigger. According to a filing with the Stock Exchange of Thailand, the new venture, called Gulf Binance received approval from the Thailand Securities and Exchange Commission (SEC), to commence operations of its digital asset business earlier this month. A New Channel For Binance Gulf Binance’s digital asset platform will offer a comprehensive suite of services, including cryptocurrency and digital token exchange and broker services. Initially, the platform will operate on an invite-only basis. Plans are underway to expand access to digital asset services for Thai citizens in 2024. Through this joint venture, Gulf Energy aims to enhance the level of service in Thailand’s digital asset sector. Additionally, the partnership is expected to foster advancements in the country’s blockchain ecosystem, paving the way for further innovation and growth in the years to come. Binance and Gulf Energy have teamed up since January 2022 to explore business options, including establishing a crypto platform or related business in the Thai market. The strategic collaboration is also focused at working with policymakers, regulators, and companies to “develop the crypto and blockchain ecosystem in Thailand.” On May 26, Thailand’s Ministry of Finance granted Gulf Binance licenses to operate a digital asset business. Gulf Binance can now run a SEC-regulated crypto exchange in the country. Gulf Energy Development Public Company Limited is a leading player in the energy sector in Thailand. The company has a diverse portfolio of power generation businesses, including gas-fired power plants, renewable energy projects, and power trading. Gulf Energy is also involved in digital asset infrastructure. The company was reportedly a key investor…

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Filed under: News - @ November 17, 2023 11:16 am