Binance and Gulf Innova, a subsidiary of Gulf Energy Development, jointly announced the commencement of trading on their collaborative cryptocurrency exchange, Binance Thailand.
“We are deeply humbled to finally announce the launch of our local platform to the general public in Thailand. Over the past year, we have been working closely with Thai regulators, putting substantial effort into detailed planning,” Nirun Fuwattananukul, CEO of Gulf Binance, said in a statement.
Binance Thailand Commences Crypto Trading
Binance Thailand is now providing digital asset exchange services featuring trading pairs with the Thai baht, while establishing integration with local banks in Thailand. Additionally, the exchange has entered into a partnership with this echange Kazakhstan to offer brokerage services, all operating under the regulatory oversight of Thailand’s Securities and Exchange Commission (SEC), according to a company statement.
The joint venture, led by Binance and Gulf Innova, ensures the full functionality of this exchange Thailand is accessible to the general public in the country. Richard Teng, the CEO of this exchange, emphasized the company’s commitment to maintaining high standards of security, transparency, and service quality in the cryptocurrency space. Teng expressed confidence in the transformative potential of blockchain technology and digital assets, particularly in fostering financial inclusion.
The strategic move is considered a significant step forward, positioning Thailand as a key player in the global digital finance landscape. BN Thailand received official approval from Thailand’s Ministry of Finance in May of the preceding year, securing a license to establish a regulated cryptocurrency exchange and brokerage. This regulatory endorsement underscores the exchange’s compliance with the legal framework and commitment to fostering a secure and transparent environment for cryptocurrency trading within Thailand.