Binance launches crypto exchange in Thailand

Binance, the world’s largest cryptocurrency exchange by trading volume, has partnered with Gulf Energy Development, a leading energy company in Thailand, to launch a crypto exchange and brokerage platform in the Southeast Asian nation. The platform, named Binance TH, is operated by Gulf Binance, a joint venture between Binance Capital Management and Gulf Innova, a subsidiary of Gulf Energy.

Binance TH started its full operations on January 15, 2024, after conducting an invite-only test in November 2023. The platform allows Thai users to buy and sell cryptocurrencies with local currency pairs, such as Thai baht (THB) and US dollar (USD). Users can also access a variety of crypto products and services, such as spot trading, futures trading, margin trading, staking, savings, and lending.

The launch of Binance TH follows the acquisition of crypto asset exchange and brokerage operator licenses from Thailand’s Ministry of Finance in May 2023. The licenses enable Binance TH to comply with the regulations and guidelines of the Thai Securities and Exchange Commission (SEC), which oversees the digital asset industry in the country.

Binance TH also integrates its order book with Binance Kazakhstan, a regulated crypto exchange in Kazakhstan that operates under the Astana Financial Services Authority (AFSA). This integration allows Binance TH to tap into the liquidity and market depth of Binance Kazakhstan, as well as offer cross-border trading opportunities for users in both countries.

Nirun Fuwattananukul, CEO of Gulf Binance, said in a statement: “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.”

The partnership between Binance and Gulf Energy dates back to early 2022, when the two companies agreed to explore the possibility of launching a local crypto exchange in Thailand. Gulf Energy is a holding company that invests in various sectors, such as power generation, natural gas, infrastructure development, and digital innovation. The company is led by billionaire Sarath Ratanavadi, who is ranked as the second-richest person in Thailand by Forbes.

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