Binance's joint venture with Gulf Energy begins exchange operations in Thailand

Quick Take

Gulf Binance, the joint venture, has commenced full crypto exchange operations for the general public, the company said today.

Gulf Binance, a joint venture between Binance and Thailand’s Gulf Innova, has launched crypto exchange services to the general public in Thailand following an invite-only test in November.

In a statement shared with The Block today, Binance said that Gulf Binance — set up by Binance Capital Management and a unit of Gulf Energy Development — is commencing full operations of its crypto exchange and brokerage platform, named Binance TH.

Thai users can buy and sell crypto with local currency pairing with their Binance TH accounts, according to the statement.

The launch of the Thai exchange comes after the company obtained crypto asset exchange and brokerage operator licenses from the country’s Ministry of Finance in May 2023. The exchange said in November that it would initially be available for users by invitation only before opening up to the public.

For its crypto brokerage service, Binance TH said it has integrated its orderbook with Binance Kazakhstan, an exchange in Kazakhstan regulated by the Astana Financial Services Authority.

“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 the statement. “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.”

Richard Teng, chief executive officer of Binance, said that the launch of Binance TH is “a strategic step forward, setting the stage for Thailand’s impending role as a key player in the global digital finance landscape.”

Partnering with Thai billionaire

Binance and Thailand billionaire Sarath Ratanavadi's Gulf Energy first reached an agreement about the joint venture in early 2022.

Binance said in the statement today that Gulf’s vast network in Thailand could help the exchange to “offer a localized and compliant digital asset trading platform tailored to Thai users' needs.”

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