Binance enters the Thai crypto market
Binance enters the Thai crypto market
Cryptocurrency exchange Binance intends to enter the Thai digital asset market through Gulf Binance.
Gulf Binance is a joint venture between Binance and Gulf Innova (a subsidiary of Gulf Energy Development, founded by Thai billionaire Sarath Ratanavadi).
In a filing with the Stock Exchange of Thailand, Gulf Energy Development said that Gulf Binance has received approval from the Securities and Exchange Commission of Thailand to commence operations on November 10, 2023.
Gulf Binance's digital asset platform will provide digital asset exchange and digital asset brokerage services.
Gulf Binance is expected to be open to users by invitation only in the first phase, and the platform will be launched to the general public in early 2024.
"Gulf Binance, with its globally standardized platform, will improve service levels in Thailand and contribute to the development of the country's blockchain ecosystem," the statement said.
In addition, Binance's commitment to regulatory compliance reflects the exchange's strong intention to operate within a legal framework and promote a safe and transparent crypto environment.
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