Binance Launches Cryptocurrency Exchange in Thailand

Cryptocurrency exchange Binance has commenced full operational activities of its trading and brokerage platform in Thailand, according to a report by The Block, citing a company statement.

Upon registering with Binance TH, users can buy and sell crypto assets using the local currency.

The local exchange is managed by Gulf Binance, a joint venture between the exchange and Gulf Energy, a holding company owned by Thai billionaire Sarath Ratanavadi.

The order book for brokerage services is integrated with Binance Kazakhstan.

“As a result of close collaboration with Thai regulatory authorities, Binance TH can offer access to proven and secure technologies, providing a reliable and intuitive platform for users,” stated Gulf Binance CEO Nirun Phuwatthanakul.

Binance head Richard Teng added that the exchange views Thailand as a “key player in the global digital finance landscape.”

Back in January 2022, Binance and Gulf Energy reached an agreement to form a joint venture. For this purpose, the holding company established a subsidiary, Gulf Innova, focusing on digital business transformation.

In May 2023, Thailand’s Ministry of Finance granted Gulf Binance a digital asset operator license. In November, the company received approval to provide services from the local Securities and Exchange Commission.

Initially, access to the platform was available to users “by invitation only.”