Binance, the world’s leading cryptocurrency exchange, has announced plans to launch a new cryptocurrency exchange in Thailand in conjunction with a local firm. The new exchange, which is expected to be launched in Q4 2023, is aimed at taking advantage of the growing interest in cryptocurrencies in the country.
According to Binance, the new exchange will be fully licensed by the Securities and Exchange Commission of Thailand, which will give it the legal backing it needs to operate in the country. The exchange will offer a range of cryptocurrencies, including Bitcoin, Ethereum, and other major cryptocurrencies, as well as local fiat currencies, making it easier for Thai investors to buy and sell cryptocurrencies.
Binance’s move into Thailand comes at a time when interest in cryptocurrencies is booming in the country and around the world. In recent years, the Thai government has taken steps to encourage the growth of the country’s fintech and cryptocurrency industries. In 2017, it issued regulations that defined digital assets as a new asset class and recognized them as legal tender.
Since then, the Thai government has continued to support the growth of the cryptocurrency industry, with the aim of positioning Thailand as a regional hub for fintech and cryptocurrency innovation. As a result, a growing number of startups and established companies are investing in the country’s cryptocurrency industry.
For Binance, the decision to launch a new exchange in Thailand is part of a broader strategy aimed at expanding its global footprint. The company has already established itself as a major player in the global cryptocurrency market, with operations in over 180 countries and regions around the world.
Binance’s expansion into Thailand is also likely to help drive the growth of the local cryptocurrency industry and attract new investors to the market. The company’s reputation for security and reliability will be a major draw for investors who are looking for a safe and secure platform to buy and sell cryptocurrencies.
At the same time, Binance will face stiff competition from local exchanges, which have already established themselves in the market. However, the company’s expertise and experience in the global cryptocurrency market will give it an edge over its local competitors, who may not have the same level of expertise or resources as Binance.
The launch of the new exchange is expected to create jobs in Thailand’s cryptocurrency industry and drive economic growth in the country. It will also provide a new source of revenue for the government through taxes and fees on cryptocurrency transactions.
Thailand’s cryptocurrency industry is still in its early stages, but it has the potential to become a major player in the global market. With its growing population, strong economy, and supportive government policies, Thailand is well-positioned to become a regional hub for fintech and cryptocurrency innovation.
For Binance, the launch of the new exchange in Thailand is an opportunity to tap into this growing market and establish itself as a leading player in the country’s cryptocurrency industry. As the company continues to expand its global footprint, it is likely to encounter new challenges and opportunities, but it will also continue to drive innovation and growth in the cryptocurrency market.
Binance, the world’s largest cryptocurrency exchange, announced today that its joint venture with Gulf Innova Co., Ltd. has received digital asset operator licenses from the Ministry of Finance of Thailand, allowing for the launch of a crypto exchange and broker in the country. The platform is expected to launch in the fourth quarter of 2023, with more details to be revealed closer to the launch.
The Crypto operators in Thailand are overseen by the Securities and Exchange Commission (SEC). Hence, Binance claims that the new platform will be regulatory compliant, enabling more people to access digital assets. “We are grateful and honored to be granted digital asset operator licenses for Gulf Binance in Thailand—a country with a thriving crypto space that has demonstrated strong commitment in embracing blockchain technology,” said Richard Teng, Binance’s head of Asia, Europe, and MENA, in a statement.
Gulf Innova, which is a wholly-owned subsidiary of Gulf Energy Development PCL, a Thai conglomerate helmed by billionaire Sarath Ratanavadi, will provide governance and oversight of the joint venture to ensure it operates in accordance with applicable laws and regulations. Binance said that Gulf is one of the biggest and fastest-growing conglomerates in Thailand, with a large ecosystem covering energy production, telecommunications, and digital businesses.
This partnership between Binance and Gulf is expected to create a powerful synergy, driving innovation, fostering growth, and delivering exceptional value to users in the digital asset ecosystem. Thailand has emerged as a significant crypto hub in Southeast Asia, with almost 72 million citizens. According to cryptocurrency tax software company Recap, Bangkok was ranked 10th globally in The Crypto Readiness Index, published in January this year, despite the Thai government banning cryptocurrencies as a payment method last year.
Recap CEO Daniel Howitt said, “While Thailand banned the use of cryptocurrencies as a method of payment last March, the regulation doesn’t affect trading or investment activity.” Thailand was also ranked eighth in Chainalysis’ Global Crypto Adoption Index for 2022, ahead of various nations like Russia, China, Nigeria, Turkey, Argentina, and the UK.
In conclusion, this joint venture will increase Binance’s user base in a region where cryptocurrency usage is thriving, thanks to favorable digital asset regulations. Nonetheless, Binance and Gulf still need to launch their exchange and broker and prove to Thai citizens that their platform will be reliable to benefit from the local crypto boom.
