In a groundbreaking move, Gulf Binance, the joint venture forged between Binance and Thailand’s Gulf Innova, has unveiled its comprehensive cryptocurrency exchange operations for the general public in Thailand. The company’s platform, Binance TH, is now accessible to Thai users, allowing them to seamlessly buy and sell cryptocurrencies with local currency pairings.
This momentous launch comes after a successful invite-only test in November, during which the platform underwent rigorous testing to ensure a secure and efficient user experience. Binance TH, established by Binance Capital Management and a unit of Gulf Energy Development, has obtained crypto asset exchange and brokerage operator licenses from Thailand’s Ministry of Finance in May 2023, demonstrating its commitment to regulatory compliance.
In an official statement shared with The Block, Binance revealed that its collaborative venture with Gulf Innova is a pivotal step toward advancing Thailand’s role as a key player in the global digital finance landscape. The joint venture’s platform, Binance TH, boasts integration with Binance Kazakhstan for its crypto brokerage services. Binance Kazakhstan is an exchange regulated by the Astana Financial Services Authority.
Nirun Fuwattananukul, CEO of Gulf Binance, expressed confidence in the platform’s reliability, stating, “Over the past year, we have been working closely with Thai regulators, putting substantial effort into detailed planning. 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.”
The collaboration between Binance and Gulf Innova signifies a strategic partnership aimed at fostering the growth of digital finance in Thailand. Richard Teng, CEO of Binance, highlighted the significance of Binance TH’s launch, stating, “This is a strategic step forward, setting the stage for Thailand’s impending role as a key player in the global digital finance landscape.”
Binance TH has garnered attention for its user-friendly interface and innovative features, providing Thai users with a seamless and secure platform to engage in cryptocurrency trading. The platform facilitates transactions with local currency pairings, enhancing accessibility for users in the region.
The successful integration of Binance TH’s orderbook with Binance Kazakhstan ensures a smooth and efficient crypto brokerage service. This collaboration not only expands the reach of Binance’s services but also strengthens the global connectivity of the cryptocurrency market.
As part of the joint venture’s commitment to regulatory compliance, Binance TH obtained necessary licenses from Thailand’s Ministry of Finance in May 2023. This proactive approach to regulatory requirements reflects the company’s dedication to providing a secure and compliant platform for users in Thailand.
The launch of Binance TH comes at a time of growing interest and adoption of cryptocurrencies worldwide. With its strategic presence in Thailand, Binance aims to contribute to the development of the digital finance landscape in the region and establish itself as a key player in the global market.
In conclusion, the collaboration between Binance and Gulf Innova has ushered in a new era of digital finance in Thailand with the launch of Binance TH. The platform’s user-friendly interface, regulatory compliance, and strategic partnerships position it as a significant player in the evolving landscape of cryptocurrency exchanges.
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