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Binance and Gulf Innova Crypto Exchange start trading operations in Thailand
Binance and Gulf Innova, a subsidiary of Gulf Energy Development, have announced that their joint venture crypto exchange, Binance Thailand, is now open for trading.
Binance, a global cryptocurrency exchange, has officially opened to the public in Thailand, introducing a dedicated order book for Thai baht trading pairs.
Binance has officially opened its cryptocurrency exchange in Thailand, challenging the dominance of local exchange Bitkub.
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.
Despite regulatory challenges, Binance is committed to being part of the digitization of Thailand’s economy and fostering new opportunities in the crypto market.
The exchange, operated by Gulf Binance, aims to expand its services beyond spot trading in the long term. This move comes after Binance received approval from the local Securities and Exchange Commission.
Despite the dominance of existing player Bitkub in the market, Binance aims to contribute to Thailand’s digital economy. However, the government has outlawed using digital assets for payments, and plans to tax overseas income from stock and crypto traders starting in 2024.
Binance aims to obtain regulatory approval for additional services beyond spot trading in the long term.
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