Binance, the world’s largest cryptocurrency exchange, has partnered with Gulf Energy Development, led by Sarath Ratanavadi, to establish a virtual asset trading platform in Southeast Asia.
According to documents submitted to the Thai Securities and Exchange Commission on November 14, Gulf Energy Development announced that Gulf Binance has received approval to commence operations.
In May, Gulf Binance obtained a license from the Thai Ministry of Finance to become a digital asset broker under the oversight of the national SEC. As of now, the exchange has been given the green light to officially open its doors.
“Gulf Binance will provide digital asset exchange and brokerage services for both cryptocurrencies and tokenized assets, prioritizing security and compliance with SEC regulations,” the company stated in the filing.
On the same day, Binance’s regional head of Asia, Europe, and MENA, Richard Teng, said the exchange would harness “Gulf’s established local presence and network,” and Gulf Binance aims to show the potential of blockchain technology to local users.
Gulf Energy, one of Thailand’s largest power generation companies, has diversified its investment portfolio into renewable energy, highway projects, and telecommunications. The collaboration with Binance marks Gulf Energy’s first venture into the cryptocurrency space, confirming the increasing popularity of virtual assets among Thai citizens.