Binance launches crypto exchange services in Thailand
Gulf Binance, a joint venture between Binance and Thailand’s Gulf Innova, has officially launched its crypto exchange services to the public in Thailand. The launch follows an initial invite-only testing phase in November.
In a statement, the exchange revealed that Gulf Binance, established through a partnership between Binance Capital Management and a unit of Gulf Energy Development, is now fully operational. The platform, named Binance TH, allows Thai users to trade cryptocurrencies using local currency pairings.
This launch comes after the initiative secured the necessary crypto asset exchange and brokerage operator licenses from Thailand’s Ministry of Finance in May 2023. Initially, the service was available only to a select group of users by invitation, but it has now expanded its accessibility to the wider public.
In addition to its exchange services, Binance TH has also integrated its crypto brokerage service with Binance Kazakhstan, which is regulated by the Astana Financial Services Authority.
“Over the past year, we have been working closely with Thai regulators, putting substantial effort into detailed planning. As a result, Binance TH is now able to offer access to proven and secure technology, ensuring a reliable and intuitive platform for our Thai users,” said Nirun Fuwattananukul, CEO of Gulf Binance.
Binance CEO Richard Teng, who led the effort when he was the exchange’s regional head of Asia and Europe, also highlighted the strategic significance of Binance TH’s launch, positioning Thailand as a key player in the global digital finance arena.
Gulf Energy Development, one of Thailand’s major natural gas distribution companies founded by billionaire Sarath Ratanavadi, is actively involved in various business verticals, including renewable power generation, infrastructure development projects, and digital infrastructure businesses. The company had previously invested in Binance’s United States-based arm, Binance.US.
Binance, the world’s largest cryptocurrency exchange by volume, has recently played a role in dismantling a multi-million-dollar crypto scam in Thailand. Based on the information provided by Binance and HSI, the Cyber Crime Investigation Bureau (CCIB) arrested five key members of the criminal organization and seized assets estimated at around THB 10 billion ($277 million). Since then, more than 3,200 victims have come forward seeking compensation for their losses.
Additionally, Binance played a crucial role in another operation that targeted a large-scale cryptocurrency scam operated by transnational criminal networks. The joint effort resulted in the arrest of suspects across 30 locations in Bangkok, Samut Prakan, and Udon Thani provinces, with the participation of over 200 officers from the Central Investigation Bureau (CIB).
Binance not only provided crucial intelligence to the police but also dispatched an investigator to Thailand to assist in obtaining arrest warrants. This mission led to the seizure of illicit assets, including 16 luxury residences, 12 high-end vehicles, and THB 16 million ($440,000) in cash.