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The pair's joint venture, Gulf Binance, is launching Binance TH's full operations in the country with access to the general public.
Gulf Binance secured digital asset operator licenses from Thailand’s Ministry of Finance in May 2023, marking Binance's first license in Southeast Asia.
The two firms first began this joint venture in 2022. Tapping into Binance's expertise in the field and the depth of Gulf Innova's local networks, its goal is to help locals explore the full potential of blockchain technology. Gulf Binance aims to be the leading provider of crypto infrastructure services in Thailand and empower the local blockchain ecosystem to serve the users better.
Binance TH has implemented a dedicated orderbook designed for Thai baht trading pairs to allow users to buy and sell crypto with local currency pairing. Its orderbook is also integrated with Binance Kazakhstan to allow access to the digital asset brokerage service through Binance TH.
Nirun Fuwattananukul, CEO of Gulf Binance, said it has been "working closely with Thai regulators" to offer access to "proven and secure technology, ensuring a reliable and intuitive platform for our Thai users."
Richard Teng, CEO of Binance says the firm aims to be "part of the community that digitizes Thailand’s economy, facilitating growth and fostering new opportunities," describing the country as a "key player in the global digital finance landscape."
App Play Store Delistings
While Binance is making friends in Thailand, the world's biggest crypto exchange is losing friends in India.
The Indian Ministry of Finance’s Financial Intelligence Unit (FIU) issued a notice in December to Binance, Huobi, Kraken, Gate.io, KuCoin, Bitstamp, MEXC Global, Bittrex and Bitfinex for operating illegally in India.
The FIU notice stated that exchanges must register as a “reporting entity” and submit statements to the income tax department, proposing that the Ministry of Electronics and Information Technology block the websites of the mentioned exchanges due to non-compliance.
Binance South Asia reassured users that their accounts are safe.