Gulf Binance Launches Crypto Exchange Services in Thailand
Gulf Binance, a collaboration between Binance and Gulf Innova, has officially introduced its cryptocurrency exchange services to the general public in Thailand. This comes after an invite-only test conducted in November. The joint venture, known as Binance TH, is set up by Binance Capital Management and a unit of Gulf Energy Development. Thai users can now buy and sell cryptocurrencies with their Binance TH accounts using local currency pairings.
Obtaining Licenses and Integration with Binance Kazakhstan
Binance acquired crypto asset exchange and brokerage operator licenses from Thailand’s Ministry of Finance in May 2023, paving the way for the launch of the Thai exchange. Initially available by invitation only, it has now opened up to the public. Binance TH has integrated its orderbook with Binance Kazakhstan, a regulated exchange in Kazakhstan.
Positive Outlook for Thailand’s Digital Finance Landscape
Nirun Fuwattananukul, CEO of Gulf Binance, expressed confidence in the platform’s reliability and security, highlighting the extensive planning involved in collaboration with Thai regulators. Richard Teng, CEO of Binance, sees this launch as a strategic step towards positioning Thailand as a significant player in the global digital finance landscape.
Partnership with Thai Billionaire Sarath Ratanavadi
Binance joined forces with Thai billionaire Sarath Ratanavadi’s Gulf Energy to establish the joint venture. Gulf’s extensive network in Thailand will contribute to providing a localized and compliant digital asset trading platform tailored to the needs of Thai users.
Hot Take: Expanding Cryptocurrency Services in Southeast Asia
Gulf Binance’s launch of crypto exchange services in Thailand signifies a growing interest in expanding cryptocurrency services in Southeast Asia. The joint venture between Binance and Gulf Innova aims to offer a secure and user-friendly platform for Thai users to engage in digital asset trading. With the integration of Binance Kazakhstan’s orderbook, Binance TH provides access to a wider range of trading opportunities. This partnership with Thai billionaire Sarath Ratanavadi’s Gulf Energy further strengthens the venture’s position in the region. As Thailand emerges as a key player in the global digital finance landscape, Binance TH sets the stage for future developments in the Southeast Asian crypto market.
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