Gulf Binance, a partnership between Binance and Gulf Innova Co. Ltd., has opened up its digital asset brokerage and exchange platform in Thailand, Binance TH by Gulf Binance (Binance TH), to the public. Users who are eligible for trading can create an account on the platform and get started. Binance TH is expected to initiate deposit and withdrawal functionality for THB soon. Till then, users can engage in digital asset exchange services.
Gulf Binance announced in May 2023 that it had secured digital asset operator licenses from the Thai Ministry of Finance, which led to its launch.
Key partnerships include the one with Binance Kazakhstan for brokerage services. These will operate under the supervision of Thailand SEC. The Commission will regulate all other functions of Binance TH. The crypto exchange platform has established integrations with local banks, empowering clients to access trading pairs with Thai baht.
Richard Teng, the Chief Executive Officer of Binance, has called this a strategic step, adding that it further sets the stage for making Binance a key player in the financial landscape across the world. Teng has also said that Binance will uphold its unwavering commitment to transparency, security, and quality of services while bringing financial inclusion.
Nirun Fuwattananukul, the Chief Executive Officer of Gulf Binance, has highlighted that Binance TH has gone live only after putting substantial efforts into detailed planning and working with regulators. Nirun has also stated that they are grateful for the public launch of their local platform.
While it has not been made clear what features and functions are going live with the launch, it is safe to assume that customers will be able to access all the basic tools that are mentioned in the Binance review. Key features of the exchange platform are eWallets, mobile trading, and customer support, to mention a few. Others include analytical charts for detailed analysis, in-depth research for a better understanding of the market, and deposit and withdrawal of several payment methods to make services accessible and seamless for all customers.
This marks a pivotal moment for Binance at a time when the crypto sphere is working to make the most of the approval of Bitcoin ETF applications by the US SEC. However, BNB has yet to make a lasting impression. The native token is down by 1.65% in the last 24 hours, currently exchanging hands at $310.44. It, nevertheless, is an increase of 3.15% in the last 7 days and 28.67% in the last 30 days.
The Binance community has responded positively to this development. Members have sought more such buildings from the team, with some saying that Thailand will finally be able to ape memecoins. Many members have also emphasized that launching Binance TH improves transactions for residents with easy accessibility and smoother transactions.
That said, Binance is simultaneously running a contest wherein participants are required to share their tips and experiences with crypto. Eligible participants stand a chance to win a share of $10,000 in BNB. All they have to do is RT the official announcement on X, share their tips using the appropriate hashtag, and tag their friends along with Binance.