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.

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