In the latest development in the crypto industry, Binance is collaborating with Gulf Energy to launch a crypto exchange service in Thailand called Binance TH. According to reports, the platform features a special order book for Thai baht trading pairs. Additionally, the platform offers seamless integration with the Thai banking system, making local currency deposits and withdrawals easy.
Binance TH Obtains Permission from SEC Thailand
The launch of the Binance TH platform comes two months after Binance received authorization from the Thai Securities and Exchange Commission (SEC) to begin operations. Initially the platform operated by invitation only, with the aim of expanding access to the general public by 2024.
Binance itself first revealed its intention to establish a crypto exchange based in Thailand in May 2023. The company received an exchange operator and digital asset broker license from the Thai Ministry of Finance in the same month.
Results of Collaboration with Thai Billionaires
Gulf Binance, the entity that operates the exchange, is a joint venture resulting from the collaboration of Binance Capital Management and Gulf Innova, a subsidiary of Thai energy conglomerate Gulf Energy.
Gulf Energy, under the leadership of Thai billionaire Sarath Ratanavadi, is an important player in Thailand's natural gas distribution sector. This company's investment portfolio covers various fields, from renewable energy, infrastructure development, to digital infrastructure businesses.
Regulatory Changes in Thailand
The partnership between Binance and Gulf Energy signals a change in Thailand's attitude towards cryptocurrency regulation, indicating a more accommodating approach from the new government.
This is especially prominent in the Thai crypto exchange market, which is currently dominated by Bitkub. Based in Bangkok, the exchange controls about 77% of the market share, with daily volumes of around $30 million. The most popular trading pair on Bitkub involves the Thai baht and Tether (USDT).
The Thai market also has other players such as Upbit, which started operations in 2021, as well as Bitazza and Zipmex. However, Zipmex had to halt trading in November due to regulatory challenges.
Nirun Fuwattananukul, CEO of Gulf Binance, highlighted the extensive collaboration with Thai regulators over the past year, emphasizing the careful planning that went into the venture.
Meanwhile Binance CEO Richard Teng shared his vision to contribute to Thailand's digital economy, driving growth and creating new opportunities.
Although crypto trading is popular in Thailand, the military-backed government previously banned the use of digital assets for payments in March 2022.
In September, the new government revealed its plans to start taxing overseas income from stock and cryptocurrency trading, effective from January 2024.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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