Cryptocurrency exchange Binance is playfully extending its influence worldwide, spreading its tentacles in all directions like an ambitious octopus. According to statements, Gulf Binance is a collaborative venture between Binance and the Thai Gulf Innova, set to be the exchange and brokerage platform where users can trade digital assets with local currency pairs.
The global crypto giant has thrown open its doors to the Thai public, potentially giving the local crypto market a shake-up. This move could ruffle the feathers of the reigning player in Bangkok, Bitkub, who might now have serious competition.
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The Registration Background
Binance announced its grand plan to create a Thai cryptocurrency exchange back in May 2023. In the same month, they managed to snag a license for digital asset exchange operations and brokerage services from Thailand’s Ministry of Finance.
This came just two months after Binance got the nod from the local Securities and Exchange Commission (SEC) to kick off operations, originally starting with an “invitation-only” approach and laying out plans to go full-on public in 2024.
Gulf Binance Takes the Stage in Thailand
Gulf Binance, the joint venture between Binance Capital Management (a sprightly offspring of Binance) and Gulf Innova (the kid on the block from Thai energy giant Gulf Energy), is now calling the shots on the exchange scene.
We are thrilled to finally roll out our local platform to the wide-eyed public in Thailand. Over the past year, we’ve been rubbing elbows with the Thai regulators, putting in some serious elbow grease into meticulous planning.
CEO of Gulf Binance, Nirun Fuwattananukul
Gulf Binance scored its activity permit from the Ministry of Finance in Thailand back in May 2023 and later got the green light to dive into the world of digital asset exchange. Joining the Southeast Asian crypto party, they came onto the scene after big names like Coinbase, Zipmex, and Gemini had already set up.
Richard Teng, the maestro CEO of Binance, declared their mission: to be a “digitalizing force” in Thailand’s economy, cultivating growth and unearthing fresh opportunities. Looks like he’s handling the legendary CZ duties with a touch of finesse!
How will Binance TH operate
In a statement as of January 16, Binance TH spilled the beans that they’re now swinging their doors wide open for “all suitable users.” They’ve even thrown in a special order book, tailor-made for trading pairs with the Thai baht. Users can seamlessly shuffle their local currency in and out “thanks to a mind-bending intuitive integration with domestic banking systems,” says the message.
But here’s a little heads-up: Binance TH is playing hard to get for foreigners residing in the Kingdom. To embark on the thrilling “Know Your Customer” journey, you’ll need Thailand’s National Digital ID.
As the wise Richard Teng, put it:
Blockchain tech and digital assets have the power to make financial services more accessible. Armed with this tech, we’re on a quest to be part of the digitalization fiesta in Thailand, stirring up growth and unveiling new possibilities.
Binance TH with Gulf Vibes
Binance TH is like the ultimate power couple, blending Binance’s blockchain with the Gulf’s extensive Thai network. As a result, Thais get a localized and user-friendly platform for trading digital goodies, perfectly tuned to their tastes.
More Info: Binance Launches MANTA Network
Launching Binance TH will help open up new horizons for Thailand’s economy. With SEC’s stamp of approval, this fully accredited platform is set to be a beacon of innovation and growth in Thailand’s crypto realm.
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