Gulf Binance, a cooperative venture between global cryptocurrency exchange Binance and Thai company Gulf Innova, has officially launched its exchange services in Thailand.
On January 16, Binance TH announced that its exchange is now open to all eligible users. According to reports, it has a dedicated order book for Thai Baht trading pairs. In addition, the platform features seamless integration with Thailand's banking systems, simplifying local currency deposits and withdrawals.
The launch comes two months after Binance received permission from the Securities and Exchange Commission of Thailand (SEC) to begin operations, initially on an invitation-only basis, with the aim of expanding access to the general public in 2024.
Binance first revealed its intention to establish a Thailand-based cryptocurrency exchange in May 2023. It obtained a digital asset exchange operator and brokerage license from the Thai Ministry of Finance in the same month.
Gulf Binance, the entity that operates the exchange, is a joint venture combining the expertise of Binance Capital Management and Gulf Innova, a subsidiary of Thai energy group Gulf Energy.
Gulf Energy, under the leadership of Thai billionaire Sarath Ratanavadi, is an important player in Thailand's natural gas distribution sector. The company's diverse investment portfolio extends to include renewable energy projects, infrastructure development, and digital infrastructure.
This partnership between Binance and Gulf Energy signals Thailand's evolving position on cryptocurrency regulation, indicating a more flexible approach by the new government.
This is especially noteworthy in the Thai cryptocurrency exchange market, which is currently dominated by Bitkub. The exchange is headquartered in Bangkok, and holds approximately 77% of the market share, with daily trading volumes of around $30 million. The most popular trading pairs on Bitkub include the Thai Baht and Tether (USDT).
The Thai market also includes other players such as Upbit, which began operations in 2021, as well as Bitazza and Zipmex. However, Zipmex was forced to halt trading in November due to regulatory challenges.
Niron Voatanankul, CEO of Gulf Binance, highlighted the extensive cooperation with Thai regulators over the past year, emphasizing the careful planning the project has undergone.
Binance CEO Richard Teng shared his vision to contribute to Thailand's digital economy, drive growth, and create new opportunities.
Despite the popularity of cryptocurrency trading in Thailand, the previous military-backed government banned the use of digital assets for payments in March 2022.
In September, the new government revealed its plans to start taxing offshore profits from stock and cryptocurrency trading, starting in January 2024.
