Binance Thailand Launches Digital Cryptocurrency Exchange, Gulf Binance
Binance Thailand has officially launched its cryptocurrency exchange, Gulf Binance, for trading in the region. This exchange is a collaborative effort between Binance and Gulf Innova, catering to both exchange and brokerage services. Users can trade digital assets with local currency pairings.
Gulf Binance acquired its operating license from Thailand’s finance ministry in May 2023. Subsequently it received approval for digital asset exchange services. It joins the growing number of cryptocurrency exchanges in Southeast Asia, where platforms like Coinbase, Zipmex, and Gemini have already established their presence.
Binance is a cryptocurrency exchange behemoth
Binance, a global cryptocurrency exchange giant. Changpeng Zhao founded the company in 2017. Estimates place the companies value at roughly USD 29 billion. It has now opened its doors to the Thai market, featuring a dedicated order book for Thai baht trading pairs.
In this endeavor, the company has partnered with Gulf Energy Development. Thus, it has gained the green light from Thailand’s Securities and Exchange Commission to commence operations. The platform will offer exchange and brokerage services for cryptocurrencies and digital tokens.
Despite regulatory challenges, Binance remains committed to contributing to the digitization of Thailand’s economy and fostering opportunities within the crypto market.
Operating under the name Gulf Binance, the exchange has plans to expand its services beyond spot trading in the long term. This decision comes after receiving regulatory approval from the local Securities and Exchange Commission.
Notably, the Thai market already has a prominent player, Bitkub, enjoying substantial dominance. Nevertheless, Binance is determined to play a pivotal role in Thailand’s digital economy. It’s essential to note that the Thai government has prohibited the use of digital assets for payments and is planning to impose taxes on overseas income generated by stock and crypto traders, starting in 2024.
Binance’s ambitions extend to obtaining regulatory approval for additional services, moving beyond spot trading in the foreseeable future.
