The joint venture, Gulf Binance, has emerged thanks to the collaboration between Binance and Gulf Innova, aimed at enhancing cryptocurrency trading in Thailand.

Cryptocurrency exchange Binance collaborated with Gulf Innova , a subsidiary of Gulf Energy Development The Gulf Binance will operate not just as an exchange but also as a brokerage service, providing Thai users with a platform for trading digital currencies using local currency pairs.

Binance Thailand offers trading services for digital assets, with options specifically for the Thai baht, and has easy integration with local banks. Moreover, the platform has joined forces with Binance Kazakhstan for brokerage services, all while adhering to the regulations set forth by Thailand’s Securities and Exchange Commission.

Richard Teng, the CEO of Binance, emphasized their dedication to maintaining safety, transparency, and high service standards with the public launch of Binance TH. He believes that blockchain technology has profound potential to foster financial inclusion, and this move represents a significant advancement, positioning Thailand as a future leader in the digital finance arena. SEC ).

Gulf Binance was granted its operational license by Thailand’s finance ministry in May 2023, paving the way for it to offer cryptocurrency exchange services, with a careful rollout that began with an invitation-only phase in November.

Nirun Fuwattananukul, the CEO of Gulf Binance, expressed gratitude and excitement in a public statement, noting the extensive collaborative efforts with Thai regulatory bodies over the previous year. communicated Binance noted that Gulf's established infrastructure in Thailand equips the exchange to deliver a tailored and regulatory-compliant trading platform that caters to the unique preferences of Thai users, marking another important addition to the lineup of crypto exchanges within the country.

Regulations governing cryptocurrency in Thailand take a measured and cautious approach, carefully shaping the landscape of digital finance.

As it stands, Thailand does not classify digital assets as legitimate currencies, and this has resulted in a ban on businesses accepting cryptocurrencies in exchange for goods or services, a regulation enacted by the SEC of Thailand in April 2022, aimed at maintaining economic stability. Southeast Asia , joining firms such as Coinbase , Zipmex and Gemini.

Thailand approaches cryptocurrency payments with caution due to concerns over the unstable prices of cryptocurrencies potentially affecting the traditional financial ecosystem. This conservative stance persists even with the removal of a 7% value-added tax on digital asset investments.

Although cryptocurrencies are not officially designated as legal tender in Thailand, a Royal Decree from May 2018 allows businesses in the digital asset space to issue, trade, or exchange cryptocurrencies, indicating a shift towards a more accommodating regulatory environment. digital asset landscape .

Recently, the SEC of Thailand confirmed that it currently has no plans to introduce locally based spot Bitcoin exchange-traded funds (ETFs), despite global trends moving in that direction after the US SEC's recent developments.

The partnership between Binance and Gulf Innova to create Gulf Binance represents a pivotal advancement in delivering a reliable and compliant digital asset trading venue, which aligns with Thailand's evolving role within the global digital finance framework.

Securities and Exchange Commission

Please bear in mind that the information on this page is not meant to provide legal, tax, investment, or financial advice. It is crucial to only invest what you can afford to lose and seek independent financial counsel if you are uncertain. For additional details, we recommend looking at the terms of service and help resources provided by the issuer or advertiser. MetaversePost stands by its commitment to thorough and unbiased news coverage, but market conditions may change unexpectedly. crypto-friendly jurisdictions Alisa, a passionate journalist at Cryptocurrencylistings, focuses on cryptocurrency, zero-knowledge proofs, investments, and the broad scope of Web3. With a sharp awareness of emerging trends and technologies, she offers insightful stories that engage readers within the dynamic world of digital finance. approval of spot Bitcoin ETF uk

Blum is celebrating its first anniversary by taking home the titles of 'Best GameFi App' and 'Best Trading App' during the Blockchain Forum 2025.