Gulf Binance, a partnership between global cryptocurrency leader Binance and Thailand’s Gulf Innova, has successfully introduced its exchange services in Thailand.
Gulf Binance, a partnership between global cryptocurrency exchange Binance and Thailand’s Gulf Innova, has officially launched its exchange services in Thailand. As of Jan. 16, Binance TH has opened its exchange to all eligible users, featuring a dedicated order book for Thai baht trading pairs. The platform seamlessly integrates with Thailand’s banking systems, facilitating local currency deposits and withdrawals.
This launch comes two months after Binance obtained authorization from Thailand’s Securities and Exchange Commission (SEC) to commence operations. Initially, the exchange operated on an invite-only basis, with plans to extend access to the general public in 2024.
Binance's initiative to establish a Thai-based crypto exchange was disclosed in May 2023, and it secured a digital asset exchange and brokerage operator license from Thailand’s Ministry of Finance the same month.
Operated by Gulf Binance, a joint venture combining Binance Capital Management and Gulf Innova's expertise, the exchange aligns with the broader investments of Gulf Energy, led by Thai billionaire Sarath Ratanavadi. A major player in Thailand’s natural gas distribution sector, Gulf Energy has a diverse portfolio covering renewable energy, infrastructure development, and digital infrastructure ventures.
The Binance and Gulf Energy collaboration reflects Thailand's changing stance on cryptocurrency regulation, signaling a more accommodating approach from the new government.
This shift is particularly significant in the Thai cryptocurrency exchange market, currently dominated by Bitkub, holding about 77% of the market share with daily volumes around $30 million. Bitkub's most traded pair involves the Thai baht and Tether (USDT).
Additional players in the Thai market include Upbit, commencing operations in 2021, and Bitazza. Unfortunately, Zipmex had to suspend trading in November due to regulatory challenges.
Gulf Binance CEO Nirun Fuwattananukul emphasized extensive collaboration with Thai regulators over the past year, highlighting meticulous planning for the venture. Binance CEO Richard Teng envisions contributing to Thailand’s digital economy, fostering growth, and generating new opportunities.
Despite crypto trading popularity in Thailand, the prior military-backed government banned digital assets for payments in March 2022. In September, the new government unveiled plans to tax overseas earnings from stock and cryptocurrency trading, effective from January 2024.