- Binance Thailand allows its users to exchange digital assets for the baht
- It partners with Binance Kazakhstan to provide mediation services
Binance launched Binance Thailand crypto exchange in cooperation with Gulf Innova, a subsidiary of Gulf Energy Development. The joint venture between Binance and the energy company is now open for trading, CoinDesk reported, citing a press release.
Local bank integration and baht trading pairs
Binance Thailand allows its users to exchange digital assets for the baht, Thailand’s local currency, and provides integrations with local banks. It also partners with Binance Kazakhstan to provide mediation services under the supervision of Thailand’s securities regulator.
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.
Richard Teng, CEO of Binance, added:
With the full operation of Binance TH by our Thai joint venture to the general public in Thailand, we will uphold our unwavering commitment to security, transparency, and service quality. Blockchain technology and digital assets carry the power to bring about financial inclusion. 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’s legal woes
Thailand’s Ministry of Finance issued Binance a license to set up a regulated crypto exchange platform and brokerage in May 2023. Since then, the world’s biggest crypto exchange by trading volume suffered a number of setbacks.
Most notably, the US SEC accused the exchange of facilitating money laundering and selling unregistered securities. Binance agreed to pay penalties of $4.3 billion to various watchdogs and will also let US agencies oversee its operations in the next five years.
Crypto plays a prominent role in Thailand
The good news for Binance is that its Thai exchange became fact despite the legal woes. Bankless Times reported on January 17, 2023 that Gulf Energy’s subsidiary Gulf Innova would explore the possibility of developing a digital asset exchange with Binance. Gulf Energy predicts fast growth in Thailand’s digital infrastructure, where crypto will play a prominent role.
