The Gulf Binance platform will offer exchange and brokerage services for cryptocurrencies and digital tokens.
Key Takeaways
- Cryptocurrency giant Binance has commenced operations for a digital asset exchange in Thailand, marking its first Southeast Asian venture.
- Binance’s joint venture partner, Gulf Energy Development, has received approval from Thailand’s Securities and Exchange Commission (SEC) to start operations.
- The Gulf Binance platform will offer exchange and brokerage services for cryptocurrencies and digital tokens.
- Thailand’s digital asset exchanges experienced a 79% decline in trading volume last year amid the global crypto market downturn, known as the “crypto winter.”
Binance’s Southeast Asian Expansion
Binance has launched a digital asset exchange in Thailand, marking its first Southeast Asian operation.
Binance has begun operating a digital asset exchange in Thailand, launching its first Southeast Asian operation in a market currently dominated by local exchange Bitkub. https://t.co/b6xrqkhuQu
— Nikkei Asia (@NikkeiAsia) November 16, 2023
Binance.th, the new exchange, is currently accessible by invitation only and plans to open to the general public in early 2024.
Binance’s partner, Gulf Energy Development, received approval from Thailand’s Securities and Exchange Commission (SEC) to commence operations.
Crypto Market Challenges in Thailand
Thai digital asset exchanges saw a significant decline in trading volume last year due to the global crypto market downturn, with Bitkub dominating the local market.
Gulf Binance aims to elevate service levels in Thailand and contribute to the country’s blockchain ecosystem through its digital asset infrastructure and blockchain technology services.
To Conclude
The exchange, known as Binance.th, is currently accessible by invitation only but plans to open to the general public in early 2024. Gulf Energy Development received approval from Thailand’s Securities and Exchange Commission to commence operations.
