Binance’s subsidiary, Gulf Binance Co., Ltd., has officially launched its comprehensive operations in Thailand in collaboration with Gulf Innova. The exchange will operate under the brand name “Binance TH” and offer order books specifically designed for trading Thai Baht (THB) pairs. Thai users will also be able to deposit and withdraw fiat currency in THB directly.
Gulf Binance is a joint venture between Binance Capital Management Co., Ltd., a wholly-owned subsidiary of Binance, and Gulf Innova Co. Ltd. The company obtained the digital asset exchange and brokerage operating license from the Ministry of Finance of Thailand in May 2023. It subsequently received approval to commence operations as a digital asset exchange and brokerage in Thailand.
To provide digital asset trading services, the Binance TH platform has implemented order books tailored for THB pairs, allowing Thai users to seamlessly buy and sell digital assets with their local currency.
Furthermore, through seamless integration with Thailand’s domestic banking system, Thai users can instantly deposit and withdraw THB directly to and from their Binance TH accounts.
In order to facilitate digital asset brokerage services, Binance TH has integrated its order book with Binance Kazakhstan, a local digital asset exchange regulated by the Astana Financial Services Authority (AFSA). As an authorized and fully recognized platform by the Securities and Exchange Commission (SEC) of Thailand, Binance TH will become a symbol of innovation and development in the Thai crypto space.
Nirun Fuwattananukul, CEO of Gulf Binance, stated:
“With the goal of promoting digitization and innovation in line with Thailand’s fourth economic development plan ‘Thailand 4.0,’ Gulf Binance is committed to building a future where blockchain technology and digital assets play a central driving force in Thailand’s economic development.”
Richard Teng, CEO of Binance, added:
“By combining Binance’s expertise in blockchain with Gulf Group’s extensive resource network in Thailand, Binance TH will provide Thai users with a localized and compliant digital asset trading platform that meets their needs.”
__
Related Reports
Hong Kong SFC Warns of LonShiX and Bitbank’s Involvement in Virtual Asset Scams, Websites Blocked by Authorities
Hong Kong Chief Secretary Matthew Cheung: Considering Granting SFC Power to Block Suspicious Exchanges
Hong Kong Official: Studying Cryptocurrency Derivatives Regulation, HashKey Exchange Will Apply for License in Due Course