Binance Thailand opened its crypto exchange services to the public today. The exchange, Binance TH, is operated by a joint venture between Binance and Thailand’s Gulf Innova, called ‘Gulf Binance’.
Binance Thailand (Binance TH), operated by Gulf Binance, opened trading to the public today. A joint venture between Binance and Gulf Innova, a Gulf Energy Development subsidiary, operates the exchange.
Binance Thailand Commences Trading Services
According to the Bangkok Post and Reuters reports, Binance TH will act as an exchange and brokerage platform, allowing users to buy and sell digital assets using local currency pairings. Binance TH offers customers exchange services with Thai baht trading pairs. The exchange also integrated with local Thai banks and partners with Binance Kazakhstan to provide it with brokerage services under the supervision of the Thai SEC.
Spot Market Available on Binance TH. Source: Binance TH
In May 2023, Gulf Binance, a partnership between Binance and Gulf Energy’s innovation division, Gulf Innova, received a license from Thailand’s Ministry of Finance to act as a digital asset operator. Binance and Gulf created the joint venture in 2022 and worked alongside Thai regulators to establish a fully compliant exchange that strictly adheres to the Thai Securities and Exchange Commission (SEC).
Nirun Fawattananukal, CEO of Gulf Binance, said in a statement:
“We are deeply humbled to finally announce the launch of our local platform to the general public in Thailand. Over the past year, we have been working closely with Thai regulators, putting substantial effort into detailed planning.”
Binance and Gulf Innova announced in November 2023 that they will soon launch the Thai-based crypto exchange. The joint venture further announced that it received a license to operate from the Thai SEC.
In a press release, Binance’s newly appointed CEO, Richard Teng, commented on the launch:
“With the full operation of Binance TH by our Thai joint venture to the general public in Thailand, we will uphold our unwavering commitment to security, transparency, and service quality. Blockchain technology and digital assets carry the power to bring about financial inclusion.”
Teng added;
“This is a strategic step forward, setting the stage for Thailand’s impending role as a key player in the global digital finance landscape.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: https://cryptodaily.co.uk/2024/01/crypto-exchange-binance-thailand-opens-trading-to-the-public