Cryptocurrency exchange Binance is partnering with Thai billionaire Sarath Ratanavadi's Gulf Energy to launch a digital asset platform, Gulf Binance, in Thailand. The collaboration aims to deliver a secure and regulatory-compliant exchange and brokerage service for cryptocurrencies and digital tokens within Thailand.

The roots of this ambitious venture trace back to 2022 when Binance joined forces with Gulf Energy Development Public Company Limited. The recent strides in this partnership were disclosed in a filing to the Stock Exchange of Thailand by Gulf Energy Development.

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Gulf Binance Attains Digital Asset Operator Status

Gulf Binance, operating under Gulf Innova, achieved the coveted status of a digital asset operator from Thailand's Ministry of Finance last May. 

Further, on November 10, Gulf Binance Co. reached another milestone with approval from the Thai Securities and Exchange Commission. The approval, disclosed in a recent stock exchange filing, positions the platform for imminent operations. 

The initial phase will see Gulf Binance as an invitation-only exchange, strategically managing its rollout before expanding to the broader public.

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Gulf Energy's Influence: A Key Player in Cryptocurrency Ventures

Gulf Energy, under the leadership of founder and CEO Sarath Ratanavadi, stands tall as one of Thailand’s largest businesses. Ratanavadi, the country’s second-richest individual with a net worth of approximately $10.6 billion, according to the Bloomberg Billionaires Index, has been instrumental in steering Gulf Energy towards cryptocurrency investments. 

Notably, Gulf Energy invested in Binance’s U.S.-based arm, Binance.US, and further disclosed an investment in the “Series Seed Preferred Stock issued by BAM Trading Services,” the operator of Binance.US in April 2022.