Binance Signs Agreement With Gulf Energy, Showoffs Thailand’s Blockchain Industry

Binance Signs Agreement With Gulf Energy, Showoffs Thailand’s Blockchain Industry

Gulf Energy Development Public Company Limited has forged a strategic alliance with Binance, one of the top global cryptocurrency exchanges. With this historic partnership, Thai citizens will have access to bitcoin services, providing a window into the enormous potential of blockchain technology in Thailand.

The collaboration is preparing for a public launch in early 2024 after receiving digital asset operator licenses from Thailand’s Ministry of Finance on May 26th. Lacton Muriuki from CryptoPolitan platform had wrote that Gulf Energy and Binance’s strategic partnership is a big step toward closing the knowledge gap between the traditional energy industries and the cutting-edge blockchain space.

Muriuki explained that the main goal of the cooperation is to use blockchain technology to offer cryptocurrency services to the Thai people, hence promoting the wider use of digital assets in Thailand. The partners’ commitment to providing safe and regulated cryptocurrency services within Thailand’s regulatory restrictions is signaled by the scheduled public release in early 2024.

In the previous month, a Finance Magnates platform had published that Binance collaborated with Thailand’s law enforcement agency to fight cryptocurrency-related scams. It also reported that the investigation team of Binance had worked alongside the Cyber Crime Investigation Bureau (CCIB) arm of the Royal Thai Police to achieve this feat.

Binance, Gulf Energy Speaks On The Reason Behind The Collaboration

With its recent partnership with the Royal Thai Police, the cryptocurrency exchange was instrumental in helping law enforcement recover $277 million from scammers, with 3,200 victims. Binance is now expanding into Thailand.

The arrest happened across 30 locations, with the authorities ceasing assets, including 12 automobiles, THB 16 million in cash, and 16 luxury residences. With this involvement, Binance showed its dedication to creating a safe and law-abiding cryptocurrency environment that complies with regulations and law enforcement’s efforts to stop online fraud.

Gulf Energy Development is one of Thailand’s major natural gas companies, with an emphasis on distribution. The company has announced that its partnership with Binance is a way of getting involved with the blockchain and cryptocurrency industry. Binance, on the other hand, is leveraging the present situation to establish its position in the Thai market.

Binance is also looking to introduce its services to the remote areas of Thailand, believing that the present opportunity gives them that leverage. According to Binance’s Head of Financial Crime Compliance, Tigran Gambaryan, while commenting on the development, said his company is committed to partnering with global authorities to restore sanity in the digital assets industry.

Latest Agreement Focuses On Introducing Blockchain Technology To Locals

The project, backed by licenses for digital asset operators, is planned to offer cryptocurrency services to Thai citizens and highlight the enormous potential of blockchain technology in Thailand. The partnership between Gulf Energy and Binance underscores the collaborative efforts between the private sector and regulatory authorities.

The aim is to foster a secure and regulated environment for adopting blockchain and digital assets as Binance expands its footprint in Thailand after cooperating with law enforcement. In April 2022, Gulf Energy made a public statement on its “Series Seed Preferred Stock” investment. The popular BAM Trading Services issued the said stock, which also serves Binance U.S. operators.

Binance Regional Head of Asia, Europe, and Middle East and North Africa Richard Teng, this week, stated the company’s intention of taking advantage of the already working local establishment of Gulf Binance. He added that the Gulf Binance arrangement’s main goal is to showcase blockchain technology’s importance to local Asian users.

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Jesse Rosenbalm
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Jesse Rosenbalm

Jesse Rosenbalm stands out in the crypto journalism realm, seamlessly blending intricate blockchain concepts with accessible prose. Known for his deep dives and accurate forecasting, Jesse's articles are a must-read for both novices and experts. As crypto trends shift, his insightful writings remain a beacon in the digital currency space.

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