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Binance partners with Gulf Energy to launch digital asset exchange in Thailand
Cryptocurrency giant Binance has launched its first Southeast Asian operation in Thailand.
Key Takeaways
- Binance has launched its first Southeast Asian operation in Thailand, aiming to compete with the dominant local exchange Bitkub.
- The approval from Thailand’s Securities and Exchange Commission allows Binance to provide exchange and brokerage services for cryptocurrencies and digital tokens in the country.
- Binance’s expansion into Southeast Asia could help offset its legal and regulatory challenges in the U.S. and Europe.
The new platform, called Binance.th, is currently accessible by invitation only but plans to open to the general public in 2024.
Binance’s joint venture partner, Gulf Energy Development, has received approval from Thailand’s Securities and Exchange Commission to begin operations. The platform will provide exchange and brokerage services for cryptocurrencies and digital tokens.
This move into Southeast Asia could help Binance expand its international presence as it faces legal and regulatory challenges in the US and Europe.
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