Binance Launches Joint Venture Crypto Exchange in Thailand
Binance, one of the leading global crypto exchanges, has announced the launch of its joint venture crypto exchange in Thailand. The exchange, called Binance Thailand (Binance TH), is a collaboration with Gulf Innova, a subsidiary of Gulf Energy Development. Binance TH provides a platform for digital asset exchange services with Thai baht trading pairs. It has also partnered with local banks in Thailand and Binance Kazakhstan for brokerage services, all under the supervision of Thailand’s SEC.
The initiative received a boost when it secured a license from Thailand’s Ministry of Finance in May of the previous year. With the opening of Binance Thailand, it creates new opportunities for people in Thailand to participate in the evolving world of digital assets.
“We are deeply humbled to finally announce the launch of our local platform to the general public in Thailand,” said Nirun Fuwattananukul, CEO of Gulf Binance.
Binance’s Regulatory Troubles
Binance.US and its parent company, Binance, have faced regulatory scrutiny recently. In June, the Securities and Exchange Commission (SEC) initiated an enforcement action against them, alleging the sale of unregistered securities. The SEC lawsuit named Binance founder Changpeng Zhao as one of the defendants.
In November, Zhao stepped down as CEO and pleaded guilty to an anti-money laundering violation, agreeing to pay a $50 million fine. Binance also settled with various government agencies, paying $4.3 billion in penalties.
Despite these challenges, Binance is expected to maintain its position as the dominant global exchange.
Hot Take: Binance Expands Presence in Asia
Binance’s launch of a joint venture crypto exchange in Thailand further strengthens its presence in Asia. By collaborating with Gulf Innova and obtaining a license from Thailand’s Ministry of Finance, Binance is tapping into the growing demand for digital asset trading in the region. This move allows Thai users to access a regulated platform with local banking integration, providing them with more opportunities to participate in the global crypto ecosystem.
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