In a joint announcement, Binance and Gulf Innova, a subsidiary of Gulf Energy Development, have unveiled the commencement of trading activities on their collaborative cryptocurrency exchange, Binance Thailand.
Nirun Fuwattananukul, CEO of Gulf Binance, expressed humility as he announced the launch of the local platform to the general public in Thailand. He emphasized the year-long collaboration with Thai regulators, highlighting the meticulous planning invested in the initiative.
Binance Thailand is now operational, providing digital asset exchange services that include trading pairs with the Thai baht. The exchange has also established integrations with local banks in Thailand and entered into a partnership with the Kazakhstan-based exchange to offer brokerage services. All operations are conducted under the regulatory oversight of Thailand’s Securities and Exchange Commission (SEC), as stated in an official company release.
This joint venture, spearheaded by Binance and Gulf Innova, ensures the comprehensive functionality of Binance Thailand is accessible to the country’s general public. Richard Teng, the CEO of the exchange, underscored the company’s dedication to upholding high standards of security, transparency, and service quality in the cryptocurrency space. Teng expressed confidence in the transformative potential of blockchain technology and digital assets, particularly in promoting financial inclusion.
This strategic move positions Thailand as a notable player in the global digital finance landscape. BN Thailand received official approval from Thailand’s Ministry of Finance in the preceding year, obtaining a license to establish a regulated cryptocurrency exchange and brokerage. This regulatory endorsement affirms the exchange’s compliance with the legal framework and its commitment to fostering a secure and transparent environment for cryptocurrency trading within Thailand.
