Binance Thailand Commences Exchange Operations After Long Awaited Opening
Gulf Binance, a partnership between Binance and Gulf Innova in Thailand, has officially launched its cryptocurrency exchange services in the country.
Under the collaboration, Binance Capital Management and Gulf Energy Development have established the joint venture, introducing the Binance TH platform. This platform allows Thai users to participate in cryptocurrency trading using local currency pairs.
Having obtained licenses from Thailand’s Ministry of Finance in May 2023, Gulf Binance conducted an invite-only test in November before opening its services to the general public.
To enhance its cryptocurrency brokerage service, the exchange has integrated its order book with Binance Kazakhstan.
The partnership between Binance and Thai billionaire Sarath Ratanavadi’s Gulf Energy aims to leverage Gulf’s extensive network in Thailand. Its objective is to provide a localized digital asset trading platform that complies with the state’s rules and regulations.
Richard Teng, CEO of Binance, recently emphasized the platform’s commitment to security, transparency, and service quality with the full operation of Binance Thailand in collaboration with Gulf Operations. Teng highlighted the transformative potential of blockchain technology and digital assets in achieving financial inclusion, stating, “This is a strategic step forward, setting the stage for Thailand’s impending role as a key player in the global digital finance landscape.”
Nirun Fuwattananukul, CEO of Gulf Binance, also stressed the collaboration’s dedication to working closely with Thai regulators to ensure a secure and user-friendly platform. This expansion aligns with Binance’s ongoing efforts to establish a global presence while adhering to regional regulatory frameworks.
Tags: Crypto Regulations