On Tuesday, Binance Thailand officially inaugurated its cryptocurrency exchange, Gulf Binance, for trading activities within the country.
This newly established exchange is a collaborative effort between Binance and Gulf Innova, operating as both an exchange and brokerage platform.
Its primary function is to facilitate the buying and selling of digital assets with local currency pairings, as outlined in an official statement.
Gulf Binance secured the necessary license for operation from the Thailand Ministry of Finance in May 2023, subsequently receiving approval to provide digital asset exchange services.
This regulatory clearance positions Gulf Binance as a compliant and legitimate player in the cryptocurrency space, ensuring a secure and regulated environment for users.
The entry of Gulf Binance into the Thailand market represents the latest addition to the growing presence of cryptocurrency exchanges in Southeast Asia.
Key players such as Coinbase, Zipmex, and Gemini have already established their presence in the region, contributing to the dynamic and evolving nature of the crypto industry in this part of the world.