Binance Thailand has officially opened its doors to the public, offering a platform for digital asset exchange with Thai Baht and other local currencies.
According to an official statement published on January 16, 2024, the new crypto exchange is collaborating with local banks and Binance Kazakhstan for brokerage services under the scrutiny of Thailand’s Securities and Exchange Commission.
Nirun Fuwattananukul, CEO of Gulf Binance, expressed in a statement that the company has diligently worked with local regulators, ensuring compliance and planning for the launch.
Gulf Binance, a joint venture between Binance and Gulf Innova, secured an operational license from Thailand’s Ministry of Finance in May 2023. This milestone enabled the firm to progress with its plans to establish a regulated cryptocurrency exchange and broker in Thailand. Leveraging Binance’s expertise and Gulf Innova’s local presence, the joint venture aims to contribute to the growth of the crypto ecosystem in Thailand.
Richard Teng, Binance’s CEO, emphasized the company’s commitment to transparency, service quality, and security with the full operation of Binance TH. He added that blockchain technology and crypto assets are able to bring about financial inclusion and envisions Thailand playing a significant role in the global digital finance landscape.
Meanwhile, Thailand’s regulators have been actively positioning the country as an emerging cryptocurrency hub in Asia. In January 2023, they introduced regulations for cryptocurrency custody services and later announced a $1 billion tax incentive for companies issuing crypto assets for investments.
It’s worth noting that the country has implemented a ban on cryptocurrency staking and lending services in 2022, which shows that the regulatory approach to the crypto industry is nuanced. The new regulations, which were introduced in January 2023, were later updated in July 2023 to focus on ensuring that investors are aware of the potential risks of trading cryptocurrencies. The revised rules mandated digital asset service providers to provide explicit warnings that highlight the high-risk nature of cryptocurrency trading.
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