Crypto services from Binance and Gulf Energy’s joint venture, Gulf Binance, will initially be available to Thai residents on an invitation-only basis.

Binance will publicly roll out a Thailand-based crypto exchange in early 2024 via a joint venture with local energy giant Gulf Energy Development.

A Nov. 15 Stock Exchange of Thailand filing by Gulf Energy said the venture, called Gulf Binance, will initially be available on an invitation-only basis with a public rollout by early 2024, with the firm receiving Securities and Exchange Commission approval on Nov. 10.

A Binance spokesperson confirmed to Cointelegraph that the platform has initially launched as an invitation-only exchange and would give more details as information becomes available.

On May 26, Gulf Binance received digital asset operator licenses from Thailand’s Ministry of Finance, which enabled it to operate a crypto exchange regulated by the country’s SEC. At the time, Binance had planned to launch its Thai arm by Q4 2023.

Gulf Energy announces the commencement of Gulf Binance services. Source: SE

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 is one of Thailand's largest natural gas distribution companies, founded and run by Thai billionaire Sarath Ratanavadi. The company actively invests across different business verticals, including renewable power generation, infrastructure development projects and digital infrastructure businesses, among others.

Related: India, Nigeria, Thailand top Chainalysis’ 2023 Global Crypto Adoption Index

Gulf Energy invested in Binance’s United States-based arm, Binance.US. In April 2022, the firm disclosed that it invested in “Series Seed Preferred Stock issued by BAM Trading Services,” the operator of Binance.US.

Last month, Binance assisted the Royal Thai Police to seize $277 million from scammers. Following the revelation, over 3,200 victims contacted the authorities to file for compensation.

At the time, Binance’s head of financial crime compliance, Tigran Gambaryan, highlighted the company’s intent to partner with various authorities worldwide to help with “restoring the trust in the digital-asset ecosystem.”

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