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Updated January 16th, 2024 at 15:28 IST

Binance Thailand inaugurates Gulf Binance

Gulf Binance successfully secured a license for operation from Thailand's finance ministry in May 2023.

Business Desk
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Binance | Image:Unsplash
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Binance launches Gulf Binance: Binance Thailand has officially inaugurated its cryptocurrency exchange, Gulf Binance, for trading activities, as announced on Tuesday. Established through a collaborative effort between Binance and Thailand's Gulf Innova, the platform functions as both an exchange and brokerage, facilitating the buying and selling of digital assets with local currency pairings, as outlined in an official statement.

Gulf Binance successfully secured a license for operation from Thailand's finance ministry in May 2023, subsequently gaining approval to provide digital asset exchange services.

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This development marks the latest addition to the growing landscape of cryptocurrency exchanges in Southeast Asia. Noteworthy players such as Coinbase, Zipmex, and Gemini have also established their presence in the region.

The crypto segment within the FinTech market in Thailand is projected to experience steady growth, with the number of users expected to rise by a total of 4.7 million users, reflecting a substantial increase of 36.1 per cent over the period from 2023 to 2028, according to Statista. 

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(With Reuters inputs)

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Published January 16th, 2024 at 15:28 IST

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