Binance, one of the leading global cryptocurrency exchanges, is entering a strategic partnership with Thai energy company, Gulf Energy Development. The collaboration, "Gulf Binance", has been approved by Thailand's Securities and Exchange Commission (SEC) and will soon begin operations on an invitation-only basis.
This unprecedented union of cryptocurrency and energy companies aims to introduce cryptocurrency services to the Thai population, demonstrating the vast potential of blockchain technology in the process. A full public launch of the services is projected for early 2024.
The venture, confirmed via a recent filing with the Stock Exchange of Thailand, represents a critical step towards the establishment of a regulated cryptocurrency exchange in the country. On May 26, the Thai Ministry of Finance awarded Gulf Binance with digital asset operator licenses, equipping it to operate within the country's regulatory guidelines.
Binance is counting on Gulf Energy's local network and footprint to introduce blockchain technology and cryptocurrency services to the Thai market. This development aligns with an industry-wide trend of integrating blockchain technology into various sectors.