Binance, one of the world’s biggest cryptocurrency exchanges, has opened up a localized crypto exchange in Thailand. According to a recent announcement by Nirun Fuwattananukul, CEO of Gulf Binance, the new exchange has satisfied all regulatory requirements and is immediately open for trading. The public launch of the exchange means that residents of Thailand who are interested in trading crypto may now do so on the new platform. There is a caveat, though. Not all residents will be able to access the Binance TH platform. Registration is limited to residents with the Thai National Digital ID. This means that foreigners living in the country may not be able to access the platform.
Nirun, who expressed delight in the eventual launch, recalled all the efforts that were put into creating the exchange. His statement read in part: “Over the past year, we have been working closely with Thai regulators, putting substantial effort into detailed planning.”
Binance Thailand came to be a result of a collaboration between Binance and Gulf Energy Development’s subsidiary Gulf Innova. The new platform will offer digital asset exchange services with Thai baht trading pairs. It has also integrated with local banks in Thailand to expand its reach. According to a company’s release, Binance Thailand will also be partnering with Binance Kazakhstan to offer brokerage services. That will be done under the supervision of Thailand’s Securities and Exchange Commission (SEC).
It might be worth noting that, more than the aforementioned offerings, Thailand sees the new exchange as a significant step towards its goal of becoming a major player in the ever-evolving global digital finance landscape. This was shared in a release by Binance CEO Richard Teng. Teng reiterated the immense value that blockchain technology and digital assets bring to world finance, especially in the area of financial inclusion. He then added that Binance Thailand may just have set the stage for Thailand to play a huge part in the world’s finance. Binance has always hammered on its commitment to security, transparency, and the delivery of second-to-none services. So, it has yet again used the new venture to remind users of its resolve to stick by those commitments.
Thailand’s Ministry of Finance gave the nod of approval to Binance last May. Securing the license meant that it could act as a regulated crypto exchange and broker, as Coinspeaker previously reported. Notably, Binance Thailand is the latest crypto exchange to be launched in Southeast Asia. Recall that firms like Coinbase, Zipmex, and Gemini also recently established their presence in the same region. Meanwhile, Binance is working not only on its geographical expansion but also on the expansion of the spheres of its activities and offerings. On January 15, it published its 2024 report, spotlighting key growth areas such as the Bitcoin ecosystem, applications in the ownership economy, AI, real-world assets, on-chain liquidity, and institutional adoption.
