The world’s largest cryptocurrency exchange Binance and Thai Gulf Innova’s joint venture Gulf Binance has started offering a public cryptocurrency exchange service in Thailand. The cryptocurrency exchange was initiated in November 2023 with a process that only invited participants could join.
Binance TH Begins Public Service
It was announced that Gulf Binance, established by Binance Capital Management and a unit of Gulf Energy Development, has started full operations of its cryptocurrency exchange and brokerage platform named Binance TH to the public. According to the announcement from Binance, Thai users will be able to buy and sell cryptocurrency in exchange for local currency through their Binance TH accounts.
The launch of the Thai cryptocurrency exchange followed the company’s acquisition of cryptocurrency exchange and brokerage operator licenses from the country’s Ministry of Finance in May 2023. In November 2023, it was announced that the exchange was initially not open to the public and was only available by invitation.
Binance TH has integrated its order book for cryptocurrency brokerage services with Binance Kazakhstan, an exchange regulated by the Astana Financial Services Authority in Kazakhstan.
Gulf Binance CEO Nirun Fuwattananukul commented on the public launch of the exchange, saying, “We have worked closely with Thai regulators throughout the past year and have made great efforts in detailed planning. As a result, Binance TH can now offer Thai users access to proven and secure technology through a reliable and intuitive platform.”
Binance CEO Richard Teng stated that the launch of Binance TH is a strategic step forward and prepares the ground for Thailand’s role as a key player in the global digital finance landscape.
Part of a Collaboration Between Binance and Thai Billionaire
Binance, the world’s largest cryptocurrency exchange by volume, and Thai billionaire Sarath Ratanavadi‘s Gulf had initially reached an agreement on a joint venture at the beginning of 2022.
In today’s announcement, Binance stated that Gulf Energy’s extensive network in Thailand will help the cryptocurrency exchange offer a localized and compliant crypto trading platform tailored to the needs of Thai users.
