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Binance Exchange and Gulf have officially started full-scale crypto exchange operations for the general public.
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Gulf Binance, a joint venture between Binance and Gulf Innova, a Thai-based company, has officially started crypto exchange services across Thailand following a private invite-only test in November.
According to the announcement, Gulf Binance, founded by Binance Capital Management and a unit of Gulf Energy Development, announced that its crypto exchange and brokerage platform, named Binance TH, is now fully operational. Now, Thai users can trade crypto with local currencies through their Binance TH accounts.
The launch of the Thailand exchange came after the company received crypto asset exchange and brokerage operator licenses from the country’s Ministry of Finance in May 2023. The company had announced that it would be opened to limited use with an invitation in November last year and then to the general public.
For Binance TH’s crypto brokerage service, the company integrated its order book with Binance Kazakhstan. Binance Kazakhstan is an exchange in Kazakhstan regulated by the Astana Financial Services Authority.
In his statement, Gulf Binance CEO Nirun Fuwattananukul said,
“We have made a great effort to put in place detailed plans by working closely with Thai regulators throughout the past year.” “As a result, Binance TH can provide access to proven and secure technology to offer a reliable and intuitive platform for Thai users.”
Richard Teng also evaluated the launch of Binance TH as “a strategic step towards playing a key role in Thailand’s global digital finance landscape.”
Binance and Gulf Energy, the company of Thai billionaire Sarath Ratanavadi, first entered into a joint venture agreement in early 2022. In its announcement today, Binance stated that the exchange could benefit from being able to offer a localized and compliant digital asset trading platform tailored to the needs of Thai users thanks to Gulf’s extensive network in Thailand.