Business News Report
January 16, 2024

Binance and Gulf Innova Launch ‘Gulf Binance’ Crypto Exchange for Trading in Thailand

Binance and Gulf Innova Launch Gulf Binance Crypto Exchange for Trading in Thailand

Cryptocurrency exchange Binance collaborated with Gulf Innova, a subsidiary of Gulf Energy Development — to launch the Gulf Binance cryptocurrency exchange in Thailand, following the successful invite-only test in November.

The joint venture, Gulf Binance will function as both an exchange and brokerage platform, facilitating the buying and selling of digital assets with local currency pairings for users in Thailand.

Binance Thailand provides digital asset exchange services featuring Thai baht trading pairs and has integration with local banks in Thailand. Additionally, it has established a partnership with Binance Kazakhstan to offer brokerage services, all conducted under the oversight of Thailand’s Securities and Exchange Commission (SEC).

“With the full operation of Binance TH by our Thai joint venture to the general public in Thailand, we will uphold our unwavering commitment to security, transparency, and service quality. Blockchain technology and digital assets carry the power to bring about financial inclusion.This is a strategic step forward, setting the stage for Thailand’s impending role as a key player in the global digital finance landscape,” Richard Teng, chief executive officer of Binance, said in a written statement. 

Gulf Binance secured an operational license from Thailand’s finance ministry in May 2023, subsequently gaining approval to provide digital asset exchange services. In November, the exchange communicated its initial availability exclusively through invitation before transitioning to public access.

“We are deeply humbled to finally announce the launch of our local platform to the general public in Thailand. Over the past year, we have been working closely with Thai regulators, putting substantial effort into detailed planning,” Nirun Fuwattananukul, chief executive officer of Gulf Binance, said in a written statement.

Binance expressed that Gulf’s extensive network in Thailand positions the exchange to provide a localized and compliant digital asset trading platform designed to meet the specific needs of Thai users. It is the most recent addition to the roster of cryptocurrency exchanges introduced in Southeast Asia, joining firms such as Coinbase, Zipmex and Gemini.

Thailand’s Cautious Regulatory Approach to Crypto

Thailand’s cryptocurrency regulations reflect a deliberate and cautious approach to the evolving digital asset landscape.

Thailand’s perspective doesn’t recognize digital assets as lawful currencies, leading to a prohibition on businesses accepting cryptocurrency for services or goods, a measure implemented by the SEC Thailand from April 2022. The regulatory action aims to uphold the stability of Thailand’s economic system.

Thailand is cautious about permitting cryptocurrency payments, citing concerns that the price volatility associated with cryptocurrencies could impact the traditional financial system. Notably, this stance persists despite the abolition of a 7% value-added tax on investments in digital assets.

While cryptocurrencies are not officially recognized as legal tender in Thailand, the Royal Decree on Digital Asset Business, implemented in May 2018, permits digital asset business operators to issue, trade or exchange cryptocurrencies. This signifies a shift in the Thai government’s approach, adopting a more accommodating stance towards crypto-based assets.

Recently, Thailand’s SEC has affirmed that there are no current intentions to permit locally based spot Bitcoin exchange-traded funds (ETFs). This announcement followed several statements from crypto-friendly jurisdictions globally embracing spot digital currency applications, particularly in the aftermath of the US SEC’s approval of spot Bitcoin ETF last week.

The collaboration between Binance and Gulf Innova to establish Gulf Binance marks a significant stride in providing a secure and compliant digital asset trading platform, contributing to Thailand’s evolving role in the global digital finance landscape.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

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Alisa Davidson
Alisa Davidson

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

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