Binance and Gulf Innova, a subsidiary of Gulf Energy Development, have announced that their joint venture, the Binance Thailand crypto exchange, is open for trading.
Nirun Fuwattananukul, CEO of Gulf Binance, said it is deeply honored that the launch of the platform to the general public in Thailand had finally been announced. According to him, in particular, last year the companies worked very hard with the regulators of the mentioned country. Separately, he noted that significant efforts had been made for detailed planning within the framework of this interaction.
Binance Thailand offers consumers to use asset exchange services in Thai baht trading pairs and integrates with banks in this country. This payment system also cooperates with Binance Kazakhstan. As part of the implementation of these partnerships, brokerage services are provided to consumers under the supervision of the Securities and Exchange Commission of Thailand.
Richard Teng, CEO of Binance, says that thanks to the full-scale financing of the Thai platform, the company’s unwavering commitment to safety, transparency, and quality will be supported. Separately, he noted that blockchain technology and digital assets have the potential to ensure a high level of availability of financial services.
Richard Teng also stated that the functioning of the specified platform is a step forward, which creates the basis for Taiwan’s upcoming role as a key player in the global digital finance market.
Gulf Binance Exchange became a licensed virtual asset operator in the mentioned country in May last year. The permission of the Ministry of Finance of Thailand provides opportunities for activities in this Southeast Asian country.
Bangkok is currently demonstrating its readiness to become an emerging Asian crypto center. In January 2023, Thai regulators introduced a set of rules for cryptocurrency storage services and announced $1 billion in tax benefits for companies that issue digital tokens for investment. At the same time, the ban on crypto loans and staking services, which was decided in 2022, and restrictions on advertising virtual assets are evidence that Bangkok is moving towards the mentioned status very carefully and seeks to avoid drastic decisions. Thailand also demonstrates its willingness to carefully monitor the developing crypto market.
In Southeast Asia, the bases of so crypto companies such as Coinbase, Zipmex, and Gemini have already been created.
Bangkok is currently implementing an economic development plan called Thailand 4.0. This strategy is aimed at promoting digitalization and innovation. Within the framework of this concept, blockchain technology and digital assets will become the main elements in the development of Thailand’s economic system.
This week Binance has published the Themes for 2024 report, which highlights descriptions related to the Bitcoin ecosystem, applications for the ownership economy, artificial intelligence, real-world assets, online liquidity, and institutional implementation as key growth areas.
As we have reported earlier, Binance Reports User Growth.