Today, the joint venture, Gulf Binance, announced that it has begun fully operational cryptocurrency exchange services for the public.
Following an invite-only test in November, the crypto exchange services of Gulf Binance—a joint venture between Binance and Gulf Innova—were made available to the general public in Thailand.
Gulf Binance, a subsidiary of Gulf Energy Development and a venture of Binance Capital Management, has begun fully operating its cryptocurrency exchange and brokerage platform, Binance TH, according to a statement provided with The Block today by Binance.
Binance TH accounts allow Thai customers to purchase and sell cryptocurrencies using local money, as stated in the announcement.
Following the acquisition of crypto asset exchange and brokerage operator licenses from the Thai Ministry of Finance in May 2023, the firm is prepared to open its Thai exchange. The exchange said in November that it would be inviting only users at the beginning before becoming public.
The Astana Financial Services Authority is in charge of the Kazakh exchange Binance Kazakhstan, which Binance TH, a cryptocurrency brokerage, has connected its orderbook to.
According to Gulf Binance CEO Nirun Fuwattananukul, “we have been working closely with Thai regulators, putting substantial effort into detailed planning” for the last year.
The startup’s announcement, according to Binance CEO Richard Teng, was “a strategic step forward, setting the stage for Thailand’s impending role as a key player in the global digital finance landscape.”
Initial discussions for the partnership between Binance and Gulf Energy, owned by Thai billionaire Sarath Ratanavadi, took place in early 2022.
According to Binance’s announcement from today, the exchange could “offer a localized and compliant digital asset trading platform tailored to Thai users’ needs” with the support of Gulf’s extensive network in Thailand.
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