- Gulf Binance’s Binance TH transitions from invite-only testing to full operations in Thailand.
- Integration with Binance Kazakhstan enhances Binance TH’s brokerage services, aiming for a streamlined user experience.
In a significant development, Gulf Binance, the collaborative venture between Binance and Gulf Innova in Thailand, has officially launched its crypto exchange services to the public. The exchange, known as Binance TH, transitioned from an invite-only testing phase in November to full-scale operations, offering Thai users the ability to buy and sell cryptocurrencies with local currency pairings.
Gulf Binance Unveils Binance TH for Thai Crypto Enthusiasts
The initiation of full operations for Binance TH follows the joint venture’s successful acquisition of crypto asset exchange and brokerage operator licenses from Thailand’s Ministry of Finance in May 2023. The strategic decision to initially launch through invitation-only access, as announced in November, has now given way to open access for the broader public.
Binance TH users will have the convenience of engaging in crypto transactions with local currency pairings, fostering accessibility and ease for the Thai cryptocurrency community.
Integration and Brokerage Services: Binance TH Partners with Binance Kazakhstan
To enhance its crypto brokerage service, Binance TH has seamlessly integrated its order book with Binance Kazakhstan, an exchange regulated by the Astana Financial Services Authority. This strategic integration aims to provide users with a comprehensive and streamlined trading experience, leveraging the expertise and regulatory compliance of both platforms.
Nirun Fuwattananukul, CEO of Gulf Binance, expressed the culmination of efforts in working closely with Thai regulators, ensuring a secure and reliable platform for Thai users.
Fuwattananukul stated, “Binance TH is now able to offer access to proven and secure technology, ensuring a reliable and intuitive platform for our Thai users.”
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Strategic Collaboration and Future Prospects: Binance’s Vision for Thailand
The joint venture between Binance and Thai billionaire Sarath Ratanavadi’s Gulf Energy, established in early 2022, has now materialized into a fully operational crypto exchange. Richard Teng, CEO of Binance, sees the launch of Binance TH as a strategic leap forward, setting the stage for Thailand’s emergence as a pivotal player in the global digital finance landscape.
Teng emphasized the collaborative advantage with Gulf Energy, noting that their extensive network in Thailand positions Binance to “offer a localized and compliant digital asset trading platform tailored to Thai users’ needs.” The move aligns with the broader vision of establishing Thailand as a key player in the rapidly evolving realm of digital finance.