Binance, the world's leading cryptocurrency exchange, has announced the commencement of its full operations in Thailand. This move is made in collaboration with Gulf Innova Co. Ltd., a subsidiary of Gulf Energy Development. The joint venture will function under the name Binance TH by Gulf Binance or simply Binance TH.
According to a post on its website, Binance disclosed that the introduction of this new trading platform for Thai users follows the acquisition of digital asset operator licenses from Thailand’s Ministry of Finance last year. The platform will enable Thai users to transact cryptocurrencies using local currency pairings. Binance TH has been authorized by Thailand’s Securities and Exchange Commission (SEC) and aspires to "serve as a beacon of innovation and development in Thailand's crypto landscape."
The CEO of Gulf Binance, Nirun Fuwattananukul, stated, "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. As a result, Binance TH is now able to offer access to proven and secure technology, ensuring a reliable and intuitive platform for our Thai users. As we welcome them to our regulated platform, our unwavering commitment is to foster an atmosphere of trust and stimulate innovation within the local blockchain community."
In another statement, Richard Teng, CEO of Binance said, "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. With this technology in hand, we aim to be part of the community that digitizes Thailand’s economy, facilitating growth and fostering new opportunities. This is a strategic step forward, setting the stage for Thailand’s impending role as a key player in the global digital finance landscape."
In a post from May 2023, Binance acknowledged Thailand's commitment to security and compliance, while also supporting innovation in the digital asset industry. This recognition underlines the country's acknowledgement of the potential of blockchain technology.
CoinMarketCap reports that Binance was launched in 2017. As of August 2022, Binance had a daily trading volume of approximately $76B, making it the largest crypto exchange globally. Binance lists over 350 tokens and provides users with the ability to buy, sell, and store digital assets.