Changpeng Zhao, co-founder and former CEO of Binance, has publicly praised Thailand’s Gulf Development Public Company Limited (SET: GULF) for standing by the cryptocurrency exchange during difficult times, highlighting a close business relationship that has endured through regulatory and financial challenges.
In a post on X on Friday, Zhao, widely known as CZ, recalled how GULF, Binance’s partner in Thailand, offered financial support in 2023 after the exchange faced a US$4 billion penalty from US authorities.
“In 2023, after news of the $4 billion fine, Gulf, our partner in Thailand, asked: ‘do you need help with cash liquidity?’ We didn’t, but I appreciated the gesture,” Zhao wrote.
He added that GULF had extended a similar message following Binance’s latest cybersecurity incident later this week, saying: “know you can cover, but we are here if needed.”
“Strong partners show in tough times,” Zhao added.
GULF’s relationship with Binance dates back to 2022, when Gulf Innova, a wholly owned subsidiary of the group at the time, established Gulf Binance as a joint venture with Binance Capital Management. The original shareholding structure gave Gulf Innova a 51% stake, while Binance held the remaining 49%.
The business is now operated through Gulf Edge, a subsidiary of Gulf Development, and Binance (AP) Holdings, an affiliate of the global exchange. Gulf Binance launched Binance TH in January 2024 after obtaining regulatory approval to operate a digital asset exchange and brokerage business in Thailand.
The latest exchange security incident has also prompted Binance TH to temporarily suspend digital asset deposits and withdrawals as a precaution, although the Thai platform has stressed that its customer assets remain secure and its cold wallets operate independently from Binance Global.
Although CZ stepped down as Binance CEO in November 2023 following the US settlement, he remains the exchange’s largest shareholder, retaining significant influence despite no longer overseeing its daily operations.
His latest remarks offer a glimpse into the relationship between Binance and its Thai partner, suggesting that their ties extend beyond a commercial joint venture to a partnership built on mutual trust and support during challenging times.
