Prior to this, in May 2023, Gulf Binance received operational clearance in Thailand.
Bitkub, located in Bangkok, has around 77% of the market share, according to HashKey.
The opening of Binance’s Thailand subsidiary was announced on Tuesday by the world’s biggest cryptocurrency exchange, Binance. As a joint venture between Binance and Gulf Innova from Thailand, Gulf Binance formed the recently launched exchange, Binance TH. It will serve as a platform for both trading and brokerage services.
According to its official statement, Binance TH’s goal is to make it easier to purchase and sell digital assets, including support for local currency pairings. Gulf Binance, a partnership between Binance’s subsidiary, Binance Capital Management, and Gulf Innova, a subsidiary of Gulf Energy, a Thai oil behemoth, is running the exchange.
Competitive Arena
Prior to this, in May 2023, Gulf Binance received operational clearance from the Thai Ministry of Finance. Its subsequent approval to provide full-service digital asset exchange in Thailand came from the country’s SEC. Binance TH’s debut is a significant milestone in the ever-changing crypto context of Southeast Asia.
A representative from Binance said that spot trading is the only service they provide at the moment, but that they are working closely with authorities to get clearance for further services and have big ambitions for Binance TH in the future.
Coinbase, Zipmex, and Gemini are among the well-established firms that the exchange joins, adding to the growing number of crypto platforms in the nation. This surge highlights how Southeast Asia is becoming a center for innovation and trading digital assets.
But Bitkub, located in Bangkok, has around 77% of the market share, according to HashKey, thus Binance is joining a very competitive arena.