Crypto News

Binance, one of the world’s largest cryptocurrency exchange platforms, will collaborate with Gulf Energy Development, a leading energy company in Thailand, to launch Gulf Binance, a crypto exchange platform in Thailand.

According to Gulf Energy’s filing with the Stock Exchange of Thailand on November 15, Gulf Binance will initially operate on an invitation-only basis, with plans for a public launch in early 2024.

The Securities and Exchange Commission of Thailand approved the venture on November 10. Gulf Binance obtained digital asset operator licenses from the Ministry of Finance on May 26, enabling it to run a crypto exchange under the supervision of the SEC. Binance had planned to launch its Thai division by the end of 2023.

Richard Teng, who serves as Binance’s regional head for Asia, Europe, and MENA, has recently commented on the partnership with Gulf Energy. He emphasized the strategic value of Gulf Energy’s strong local presence and network.

Gulf Energy, led by Thai billionaire Sarath Ratanavadi, is a prominent player in Thailand’s natural gas distribution industry. The company is known for its diversified investment portfolio, which spans various sectors, such as renewable energy production, infrastructure development, and digital infrastructure ventures.

Gulf Binance’s digital asset platform is expected to provide digital asset exchange and broker services for cryptocurrencies and digital tokens, prioritizing security and compliance with SEC regulations.

Scams and raised concerns have hindered the growth of cryptocurrency in Thailand. Binance has played a key role in assisting Thai law enforcement in dealing with these issues. The exchange was crucial in two major operations against cryptocurrency fraud in the country.

Binance also helped disrupt a large transnational cryptocurrency fraud network, which led to multiple arrests and the seizure of valuable assets and cash.

Tigran Gambaryan, Binance’s Head of Financial Crime Compliance, emphasized the global scope of their security measures, highlighting the significance of overcoming geographical barriers in ensuring security.

The partnership between Binance and Gulf Energy is a significant step in Thailand’s evolving regulatory environment for cryptocurrencies, and it is expected to bring about a more crypto-friendly approach from the new government.

Binance Labs, the venture capital arm of the world’s largest cryptocurrency exchange, Binance, has recently invested in Arkham, a blockchain intelligence firm.

Arkham has developed an AI platform that aims to enhance transparency in the cryptocurrency industry. Binance Labs’ investment in Arkham is a strategic move in line with its continued efforts to support innovative projects in the blockchain space.

Arkham’s cutting-edge technology uses a proprietary AI engine called ULTRA to deanonymize blockchain transactions. This platform provides users with the ability to search transaction histories and algorithmically matches addresses with real-world entities, which promotes greater transparency.

Arkham provides analytical capabilities and has introduced the Arkham Intel Exchange, a marketplace on the blockchain that enables the buying and selling of blockchain intelligence on a large scale. The platform’s “Intel-to-Earn” program is underpinned by its native token $ARKM, which incentivizes the production of intelligence. Users who submit information that aids in training ULTRA are also rewarded through the DATA Program.

Following Binance Labs’ endorsement, Arkham’s market performance experienced a surge in price by 22.25%, signaling positive market reception and mitigating previous selling pressure.

However, despite the initial enthusiasm and price boost, investors have exhibited caution, with only a slight increase in holder count from 16,600 to 16,700. Nevertheless, metrics such as Social Volume and Social Dominance have shown an uptick, suggesting a growing interest in ARKM among market participants.

Arkham, which currently holds the 343rd rank in market capitalization with less than $100 million, is perceived by some investors as undervalued. The project’s innovative approach to blockchain intelligence and potential for growth within the crypto ecosystem is considered as the reason behind its undervaluation.

On a separate note, Binance Labs has expanded its investment portfolio by supporting Initia. Initia is a network specially designed for modular rollups that operate on the Cosmos network. This initiative aims to cater to developers looking to create scalable systems without the complications associated with traditional modular and multi-chain systems.

Hong Kong-based institutional cryptocurrency asset custodian Hex Trust has been granted a full Virtual Asset Service Provider (VASP) license by Dubai’s Virtual Asset Regulatory Authority (VARA) to provide virtual asset custodial services in the region.

Hex Trust set up an office in Dubai in June 2022 and was initially granted a Minimal Viable Product (MVP) operations license in February 2023.

With the recent approval, Hex Trust is now part of a select group of cryptocurrency exchanges and service providers authorized to serve institutional investors and qualified investors in Dubai. The company aims to take advantage of the progressive regulations and welcoming environment in the Middle East to foster digital asset growth.

Hex Trust has recently received regulatory approval to provide its services in France. In addition, the company has integrated with MetaMask Institutional to offer custodial services to institutional clients.

This is a significant achievement for the company and highlights the growth of the cryptocurrency ecosystem in France. It’s worth noting that the introduction of new regulations in the European Union in 2024 will enable licensed exchanges and wallet providers in one EU member state to operate across all 27 EU countries.

This development presents opportunities for companies like Hex Trust to expand their reach and serve a broader European customer base.

It’s worth noting that France has become an attractive destination for cryptocurrency firms due to its favorable stance towards cryptocurrencies. The country offers tax incentives on crypto gains and a simplified registration procedure with financial regulatory authorities.

In addition, several well-known cryptocurrency exchanges such as Binance, Bybit, Laser Digital Middle East, BitOasis (currently suspended), OKX, Crypto.com, FTX (revoked), and Huobi have previously obtained MVP or VASP licenses.

Crypto.com’s expansion strategy has taken a significant step forward with granting a Virtual Assets Service Provider (VASP) license by Dubai’s regulatory authorities to the company’s Dubai entity, CRO DAX Middle East FZE, subject to operational approval.

The license allows Crypto.com’s Dubai arm to offer various services, such as exchange, broker-dealer, and lending and borrowing, to both retail and institutional investors.

The collaboration between Crypto.com and Dubai’s regulators is a positive step towards regulatory alignment and marks a new chapter for the company.

Kris Marszalek, the CEO of Crypto.com, expressed his excitement about working closely with regulatory bodies in Dubai and contributing to the city’s growing crypto industry.ory bodies in Dubai to contribute to the city’s growing crypto industry.

He highlighted Dubai’s proactive approach to regulatory design, underscoring Crypto.com’s commitment to operating within the established frameworks.

Dubai has emerged as a crypto-friendly destination, attracting businesses seeking regulatory clarity. The region’s regulatory framework provides a clear roadmap, making it an ideal and secure location for companies looking to establish their permanent headquarters.

Crypto.com’s Dubai entity has been granted a VASP license, in line with the company’s strategic decision to designate Dubai as its Middle East and North Africa hub. This significant move follows the provisional license received from VARA in June 2022 and a minimal viable product (MVP) preparatory license secured in March of the following year.

Crypto.com has been expanding its presence in Dubai, and the recent regulatory achievement will help the company offer more services and play a bigger role in the growing crypto market of the Middle East and North Africa. This collaboration with Dubai’s regulatory authorities demonstrates Crypto.com’s dedication to compliance and highlights Dubai’s position as a forward-thinking and inviting hub for innovative crypto projects.