Binance to launch Thai crypto exchange
Gulf Binance, a joint venture between Gulf Innova Company and Binance Capital Management, has officially launched a crypto exchange in Thailand. Following the successful acquisition of licences from the Ministry of Finance of Thailand, the company has opened Binance TH, the exchange and brokerage platform.
Users can now register on the newly launched platform and trade crypto assets using the local currency.
Binance TH has compiled an order book for Thai baht (THB) trading pairs. The platform will also ensure seamless integration with the country’s banking systems to facilitate convenient deposit and withdrawal processes.
In addition, Binance TH works with Binance Kazakhstan under the supervision of the SEC of Thailand to deliver comprehensive brokerage services.
Industry experts anticipate that the introduction of Binance TH could mark a significant milestone for the Thai crypto market, potentially posing a strong challenge to Bitkub exchange, the current market leader. Bitkub currently controls the majority of the Thai digital asset market with a daily trading volume of approximately $30 million.
Binance CEO Richard Teng has emphasised Thailand’s significant role in the global digital finance landscape. Following an agreement between Binance and Gulf Energy in January 2022, both entities have been actively engaged in establishing a robust digital infrastructure in the region.
Gulf Binance CEO Nirun Fuwattananukul reports substantial progress made in collaboration with Thai regulators over the past year. With these efforts, Binance TH is now able to provide users with access to a reliable, proven, and secure platform.
The Thai Ministry of Finance granted Gulf Binance a digital asset operator licence in May 2023. Later in the same year, the company received approval from the SEC of Thailand to offer its services.