Binance’s subsidiary, Gulf Binance Co., Ltd., has officially launched full operations in Thailand under the brand name “Binance TH.” The platform will offer order books designed for the Thai Baht (THB) trading pairs, allowing Thai users to seamlessly deposit and withdraw fiat currency.
Gulf Binance is a joint venture between Binance Capital Management Co., Ltd., a wholly-owned subsidiary of Binance, and Gulf Innova Co. Ltd. It has obtained a digital asset exchange and brokerage operating license from the Thai Ministry of Finance in May 2023. Following this, it has been approved to operate as a digital asset exchange and brokerage in Thailand.
To provide digital asset trading services, the Binance TH platform has implemented order books specifically designed for THB trading pairs, enabling Thai users to buy and sell digital assets with their local currency seamlessly. Additionally, through seamless integration with Thailand’s domestic banking system, Thai users can instantly deposit and withdraw THB directly to their Binance TH accounts.
In order to facilitate digital asset brokerage services, Binance TH has integrated its order book with Binance Kazakhstan, a local digital asset exchange regulated by the Astana Financial Services Authority (AFSA) in Kazakhstan. As a platform authorized and fully recognized by the Securities and Exchange Commission (SEC) of Thailand, Binance TH will become a symbol of innovation and development in the Thai crypto industry.
Nirun Fuwattananukul, CEO of Gulf Binance, stated that Gulf Binance is committed to creating a future where blockchain technology and digital assets play a core driving force in Thailand’s economic development, aligning with the goals of Thailand 4.0, the country’s fourth economic development plan aimed at promoting digitization and innovation.
Richard Teng, CEO of Binance, expressed that through the combination of Binance’s expertise in blockchain and Gulf Group’s extensive resource network in Thailand, Binance TH will provide a localized and compliant digital asset trading platform to meet the needs of Thai users.
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