Binance TH, a joint venture between Binance and Gulf Innova, has officially started its operations in Thailand as a licensed and regulated crypto exchange and brokerage platform.
Binance, the world’s leading crypto exchange, has announced the launch of its Thailand wing, Binance TH, in partnership with Gulf Innova, a local technology company. The joint exchange is a digital asset exchange and brokerage platform that offers seamless trading services with local currency pairings.
Binance TH has obtained the necessary approvals from the Thai authorities to operate as a crypto exchange and broker in the country. The platform is licensed by the Ministry of Finance and regulated by Thailand’s Securities and Exchange Commission (SEC).
In a recent post on X, Binance stated, “Binance TH by Gulf Binance, licensed by Thailand’s Ministry of Finance and regulated by Thailand SEC, is now accessible to all eligible users.”
Gulf Binance, the joint venture company behind Binance TH, received operational approval from the Finance Ministry in May 2023 and later secured the green light from the SEC to offer comprehensive digital asset exchange services in the region.
The launch of Binance TH marks another significant milestone for the crypto ecosystem in Southeast Asia, a region that has seen a surge of interest and innovation in digital assets. Binance TH joins the list of established crypto platforms in the region, such as Coinbase, Bitazza, and Gemini that cater to the growing demand for crypto trading and investment.
Binance TH also connects to Binance Kazakhstan, a crypto exchange supervised by the Astana Financial Service Authority (AFSA), to provide brokerage services to its customers. This demonstrates Binance’s leadership and commitment to developing the crypto landscape in each country while complying with local regulations and standards.
Binance TH faces fierce competition in the Thai crypto market, which is dominated by Bangkok-based Bitkub. According to HashKey, Bitkub currently holds an impressive 77% market share. Bitkub was one of the first crypto exchanges to obtain a license from the Finance Ministry in early 2019 and preliminary approval from the SEC in 2018.
While Bitkub remains the major player, other crypto exchanges have also entered the scene, offering more options for local traders. Upbit, a South Korean crypto exchange, launched its Thai version in 2021.
Bitazza and Zipmex also established their foothold in the market, but Zipmex faced regulatory pressure and ceased trading operations in November 2023.
Binance TH aims to challenge the status quo and provide a superior trading experience for its users, leveraging Binance’s expertise and technology in the crypto space. The joint exchange also plans to support the Thailand 4.0 policy, which aims to transform the country’s economy with the help of blockchain and digital assets.
