Binance to launch Thai exchange in joint venture with local energy giant

November 16, 2023 Coin Telegraph

Binance

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.

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.

#Binance Aids Royal Thai Police in Crackdown on Criminal Networks | @Binance Blog https://t.co/GzMGjTlzmI
— CZ Binance (@cz_binance) October 3, 2023

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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Atari claims its namesake token is now ‘unlicensed’ as it terminates blockchain joint venture

April 18, 2022 Coin Telegraph

Atari

The company appears to have abruptly terminated the ATRI token partnership, but indicated that it still sees a bright future for blockchain related ventures within the company.

In a statement published by former video-game giant Atari on Monday, the firm says it has, effective immediately, terminated all license agreements with its joint venture partner ICICB Group and its subsidiaries. Previously, the two had jointly created the Atari Chain and the namesake Atari Token (ATRI). However, the company has had a change of heart regarding the deal, and announced it was disclaiming interest in the joint venture, stating "ICICB is not authorized to represent Atari or its brands in any manner."

"Atari disclaims any interest in the [...] Joint Venture, currently promoted as Atari Tokens, and related websites, whitepapers and social media channels are unlicensed, unsanctioned and are outside the control of Atari."

Moving forward, Atari plans to create, distribute and solely manage a new proprietary token focusing on gaming, community and utility. But it appears there will be some form of respite for ATRI investors. As told by Atari, the company has taken a "snapshot" of ATRI holdings as of April 18, 2022, at 6:00 pm CET. Atari will then implement a future exchange of a new token for the ATRI tokens held as of that time.

"Only tokens present in wallets as of the snapshot and in amounts equivalent to those captured at the snapshot will be eligible. Any tokens acquired after the snapshot will not be eligible," the company said.

Atari has been an active player in the crypto space, with a keen focus on developing nonfungible tokens. At the time of publication, the ATRI "legacy" token is down 9.47% in the past 24 hours, lowering its market cap to $26 million.

Joint Venture