According to a Reuters report, Binance, one of the world’s leading cryptocurrency exchanges, has officially opened its cryptocurrency exchange in Thailand. 

The exchange, called Gulf Binance, is a joint venture between Binance and Gulf Innova, an IT and digital marketing services provider. It aims to provide a platform for users in Thailand to buy and sell digital assets with local currency pairs.

Gulf Binance Commences Operations

Per the report, Gulf Binance obtained a license to operate from Thailand’s finance ministry in May 2023, following which it received approval to offer digital asset exchange services. 

The launch of Gulf Binance marks the latest addition to the growing number of crypto exchanges in Southeast Asia, where companies like Coinbase, Zipmex, and Gemini have already established their presence.

In a statement, Nirun Fuwattananukul, CEO of Gulf Binance, expressed gratitude for the opportunity to announce the launch of their local platform in Thailand. 

Fuwattananukul emphasized the close collaboration with Thai regulators over the past year and the meticulous planning that went into the venture. Fuwattananukul further highlighted Gulf Binance’s commitment to security, transparency, and service quality as they began operations in Thailand.

Richard Teng, CEO of Binance, also shared his perspective on the development, underscoring the strategic significance of Thailand’s role in the global digital finance landscape. Teng emphasized blockchain technology’s and digital assets’ transformative power in fostering financial inclusion.

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Author: Ronaldo Marquez

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