Jai Sahu
Gulf Binance, a collaborative effort between the global cryptocurrency exchange Binance and Thailand’s Gulf Innova, has officially inaugurated its exchange services within Thailand.
On January 16, Binance TH declared that its exchange is now accessible to all eligible users, featuring a dedicated order book for trading pairs involving the Thai baht. Furthermore, the platform seamlessly integrates with Thailand’s banking systems, streamlining local currency deposits and withdrawals.
#Binance TH by Gulf Binance, licensed by Thailand’s Ministry of Finance and regulated by Thailand SEC, is now accessible to all eligible users.
Gulf Binance, the joint venture between Binance’s subsidiary and Gulf Innova, will be offering THB deposits and withdrawals.
— Binance (@binance) January 16, 2024
This launch comes two months after Binance obtained authorization from Thailand’s Securities and Exchange Commission (SEC) to commence operations, initially on an invitation-only basis, with plans to expand access to the general public in 2024.
Binance initially disclosed its intentions to establish a cryptocurrency exchange based in Thailand in May 2023. In the same month, it received a license as a digital asset exchange and brokerage operator from Thailand’s Ministry of Finance.
Operating the exchange, Gulf Binance is a collaborative venture that combines the expertise of Binance Capital Management and Gulf Innova, a subsidiary of the Thai energy conglomerate Gulf Energy.
Gulf Energy, under the leadership of Thai billionaire Sarath Ratanavadi, plays a substantial role in Thailand’s natural gas distribution sector. The company maintains a diverse investment portfolio encompassing renewable energy, infrastructure development, and digital infrastructure ventures.
This partnership between Binance and Gulf Energy indicates a shift in Thailand’s approach to cryptocurrency regulation, suggesting a more accommodating stance from the new government.
This is particularly significant within the Thai cryptocurrency exchange market, where Bitkub currently holds a dominant position. Based in Bangkok, Bitkub commands roughly 77% of the market share, with daily trading volumes around $30 million. The most popular trading pair on Bitkub involves the Thai baht and Tether (USDT).
The Thai market also includes other players such as Upbit, which commenced operations in 2021, as well as Bitazza and Zipmex. However, Zipmex had to suspend trading in November due to regulatory challenges.
Nirun Fuwattananukul, CEO of Gulf Binance, emphasized the extensive collaboration with Thai regulators throughout the past year, underscoring the meticulous planning that underpinned the venture.
Binance CEO Richard Teng shared his vision of contributing to Thailand’s digital economy, fostering growth, and creating fresh opportunities.
Despite the popularity of cryptocurrency trading in Thailand, the prior military-backed government prohibited the use of digital assets for payments in March 2022.
In September, the new government unveiled plans to commence taxing overseas earnings from stock and cryptocurrency trading, effective from January 2024.