Binance and Gulf Innova Launch Joint Venture Crypto Exchange in Thailand

Binance and Gulf Innova Launch Joint Venture Crypto Exchange in Thailand

Crypto News – Binance, in collaboration with Gulf Innova, a subsidiary of Gulf Energy Development, has officially launched Binance Thailand, a new crypto exchange platform. This joint venture marks a significant expansion in the digital asset space in Thailand.

Nirun Fuwattananukul, the CEO of Gulf Binance, expressed his gratitude and excitement about the launch. “It’s a proud moment to unveil our local platform to Thailand’s populace. This achievement comes after a year of meticulous planning and close collaboration with Thai regulatory bodies,” he stated.

The new exchange, Binance TH, is set to offer a range of digital asset exchange services. Notably, it features trading pairs with the Thai baht and boasts integration with Thailand’s local banking system. Furthermore, Binance TH has formed a partnership with Binance Kazakhstan, extending its brokerage services under the watchful eye of Thailand’s Securities and Exchange Commission.

Richard Teng, CEO of Binance, highlighted the operational commencement of Binance TH in Thailand. “By launching this joint venture, we reaffirm our commitment to maintaining the highest standards of security, transparency, and service quality. The advent of blockchain technology and digital assets is a game-changer for financial inclusivity,” he remarked. Teng also emphasized the strategic significance of this launch, positioning Thailand as an emerging pivotal figure in the worldwide digital finance arena.

Previously, CoinDesk reported that the exchange had successfully obtained a license from Thailand’s Ministry of Finance. This authorization, granted in May of the previous year, allowed for the establishment of a regulated cryptocurrency exchange and brokerage in Thailand.