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Gulf Binance, the joint venture between Binance Capital Management and Gulf Innova, has commenced full crypto exchange operations for the general public in Thailand following an invite-only test in November, the company said today.
In a statement, Binance said that Gulf Binance is commencing full operations of its crypto exchange and brokerage platform, named Binance TH.
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“We are deeply humbled to finally announce the launch of our local platform to the general public in Thailand. Over the past year, we have been working closely with Thai regulators, putting substantial effort into detailed planning,” Nirun Fuwattananukul, CEO of Gulf Binance, said in a statement.
Binance TH offers digital asset exchange services with Thai baht trading pairs and integrates with local banks in Thailand while also partnering with Binance Kazakhstan for brokerage services under the supervision of Thailand’s SEC, the company said in a release.
“With the full operation of Binance TH by our Thai joint venture to the general public in Thailand, we will uphold our unwavering commitment to security, transparency, and service quality. Blockchain technology and digital assets carry the power to bring about financial inclusion,” Richard Teng, CEO of Binance, added in a release.
“This is a strategic step forward, setting the stage for Thailand’s impending role as a key player in the global digital finance landscape.”
The launch of the Thai exchange comes after the company obtained crypto asset exchange and brokerage operator licenses from the country’s Ministry of Finance in May 2023.
The exchange said in November that it would initially be available for users by invitation only before opening up to the public.
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For its crypto brokerage service, Binance TH said it has integrated its orderbook with Binance Kazakhstan, an exchange in Kazakhstan regulated by the Astana Financial Services Authority.
Partnering With Thai Billionaire
Binance and Thailand billionaire Sarath Ratanavadi’s Gulf Energy first reached an agreement about the joint venture in early 2022.
Binance said in the statement today that Gulf’s vast network in Thailand could help the exchange to “offer a localized and compliant digital asset trading platform tailored to Thai users’ needs.”