Gulf Binance Launches Exchange Services in Thailand
Gulf Binance, a collaboration between global cryptocurrency exchange Binance and Thailand’s Gulf Innova, has officially launched its exchange services in Thailand. The exchange, called Binance TH, is now open to all eligible users and features a dedicated order book for Thai baht trading pairs. It also integrates seamlessly with Thailand’s banking systems, making local currency deposits and withdrawals easier.
Authorization from Thailand’s SEC
Binance secured authorization from Thailand’s Securities and Exchange Commission (SEC) two months prior to the launch. Initially operating on an invite-only basis, the exchange aims to expand access to the general public in 2024. Binance received a digital asset exchange and brokerage operator license from Thailand’s Ministry of Finance in May 2023.
Joint Venture with Gulf Energy
The exchange is operated by Gulf Binance, a joint venture between Binance Capital Management and Gulf Innova, a subsidiary of Thai energy conglomerate Gulf Energy. Gulf Energy, led by Thai billionaire Sarath Ratanavadi, has investments in renewable energy, infrastructure development, and digital infrastructure ventures.
Thailand’s Evolving Stance on Cryptocurrency
The partnership between Binance and Gulf Energy indicates Thailand’s evolving stance on cryptocurrency regulation under the new government. This suggests a more accommodating approach towards cryptocurrencies. Currently, Bitkub dominates the Thai cryptocurrency exchange market with approximately 77% market share.
Other Players in the Thai Market
In addition to Bitkub, other players in the Thai market include Upbit, Bitazza, and Zipmex. However, Zipmex had to halt trading in November due to regulatory challenges.
Vision for Thailand’s Digital Economy
Gulf Binance CEO, Nirun Fuwattananukul, highlighted the extensive collaboration with Thai regulators in planning the venture. Binance CEO Richard Teng expressed his vision of contributing to Thailand’s digital economy and creating new opportunities for growth.
Conclusion
Gulf Binance has officially launched its exchange services in Thailand, providing a dedicated order book for Thai baht trading pairs. This move comes after securing authorization from Thailand’s SEC and highlights the evolving stance on cryptocurrency regulation in Thailand. With a joint venture between Binance and Gulf Energy, the exchange aims to contribute to Thailand’s digital economy and offer new opportunities for growth.
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