Gulf Binance, a joint venture between the world’s largest cryptocurrency exchange Binance and Thai Gulf Innova, has launched a public cryptocurrency exchange service in Thailand, following an initial invite-only test phase in November 2023.
The exchange, named Binance TH, is a collaboration between Binance Capital Management and a unit of Gulf Energy Development. It allows Thai users to buy and sell cryptocurrencies using the local currency through their Binance TH accounts.
The launch comes after the company obtained the necessary licenses from Thailand’s Ministry of Finance in May 2023. Initially, the exchange was available only by invitation.
Binance TH has integrated its order book with Binance Kazakhstan, a regulated exchange by the Astana Financial Services Authority in Kazakhstan, for cryptocurrency brokerage services.
Gulf Binance CEO Nirun Fuwattananukul highlighted the efforts made in collaboration with Thai regulators over the past year, resulting in a reliable and intuitive platform for Thai users. Binance CEO Richard Teng described the launch as a strategic step forward, preparing Thailand for a significant role in the global digital finance landscape.
