Binance has introduced its collaborative venture, Binance Thailand, in partnership with Gulf Innova, a subsidiary of Gulf Energy Development.
The exchange, known as Binance TH, provides services for the exchange of digital assets with trading pairs involving the Thai baht. The joint venture between Gulf Innova and Binance will start offering crypto services in the country later this year.
Gulf Binance obtained a license to operate from Thailand’s finance ministry in May 2023 and was subsequently approved to offer digital asset exchange services.
Nirun Fuwattananukul, CEO of Gulf Binance, said in a statement, “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.”
Additionally, it has established connections with local banks in Thailand and has formed a partnership with Binance Kazakhstan for brokerage services, all operating under the regulatory oversight of Thailand’s SEC, as stated in an official release by the company.
In a recent statement, Binance CEO Richard Teng expressed the firm’s steadfast dedication to security, transparency, and service excellence with the full launch of Binance TH through their Thai joint venture for the public in Thailand.
Teng highlighted the transformative potential of blockchain technology and digital assets in promoting financial inclusion. He emphasized that this strategic move positions Thailand to play a significant role in the evolving global digital finance landscape.
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