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Gulf Binance, a collaboration between Binance and Thailand’s Gulf Innova, has officially launched its cryptocurrency exchange services in Thailand.
New Ventures Abroad
The joint venture, backed by Binance Capital Management and Gulf Energy Development, has introduced the Binance TH platform. This platform enables Thai users to engage in cryptocurrency trading with local currency pairs.
Having obtained licenses from Thailand’s Ministry of Finance in May 2023, Gulf Binance conducted an invite-only test in November before opening to the general public.
The exchange has integrated its order book with Binance Kazakhstan to enhance its cryptocurrency brokerage service.
Binance’s partnership with Thai billionaire Sarath Ratanavadi’s Gulf Energy aims to leverage Gulf’s extensive network in Thailand. This partnership seeks to provide a localized digital asset trading platform that complies with the state’s rules and regulations.
Expert Opinion
Richard Teng, CEO of Binance, recently expressed the platform’s commitment to security, transparency, and service quality with the full operation of Binance Thailand in the joint venture with Gulf Operations. Teng highlighted the transformative potential of blockchain technology and digital assets in achieving financial inclusion, stating,
“This is a strategic step forward, setting the stage for Thailand’s impending role as a key player in the global digital finance landscape.”
Nirun Fuwattananukul, CEO of Gulf Binance, emphasized the collaboration’s dedication to working closely with Thai regulators. The aim is to ensure a secure and intuitive platform for users. This expansion aligns with Binance’s ongoing efforts to establish a global presence while adhering to regional regulatory frameworks.