Binance Launches Digital Asset Exchange in Thailand in Collaboration with Gulf Innova
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Binance has unveiled its joint venture crypto exchange Binance Thailand, which comes in collaboration with Gulf Innova, a subsidiary of Gulf Energy Development.
Binance Thailand, abbreviated as Binance TH, provides a platform for digital asset exchange services with Thai baht trading pairs, according to a Tuesday press release.
It has also integrated with local banks in Thailand and forged a partnership with Binance Kazakhstan for brokerage services, all under the watchful supervision of Thailand’s SEC.
“Blockchain technology and digital assets carry the power to bring about financial inclusion,” Richard Teng, CEO of Binance, said in a statement.
“This is a strategic step forward, setting the stage for Thailand’s impending role as a key player in the global digital finance landscape.”
The initiative received a significant boost when it secured a license from Thailand’s Ministry of Finance in May of the previous year to establish a regulated crypto exchange and brokerage.
Binance first unveiled its joint venture with Gulf Innova in January 2022.
With Binance Thailand now open for trading, it opens up new opportunities for the people of Thailand to participate in the rapidly evolving world of digital assets, reinforcing the country’s position in the global crypto ecosystem.
“We are deeply humbled to finally announce the launch of our local platform to the general public in Thailand,” Nirun Fuwattananukul, CEO of Gulf Binance, said.
“Over the past year, we have been working closely with Thai regulators, putting substantial effort into detailed planning.”
Binance’s Regulatory Troubles
Binance.US and its global parent company, Binance, have faced regulatory scrutiny in recent months.
In June, the Securities and Exchange Commission (SEC) initiated an enforcement action against them, alleging the sale of unregistered securities.
The SEC lawsuit named Binance founder Changpeng Zhao as one of the defendants, accusing him of controlling Binance.US despite claiming it operated independently.
In November, Zhao stepped down as CEO and pleaded guilty to an anti-money laundering violation, agreeing to pay a $50 million fine.
Binance, as a company, also settled with the Justice Department, the Treasury Department, the Commodity Futures Trading Commission, and the Office of Foreign Assets Control, paying a hefty $4.3 billion in penalties.
Amidst these regulatory challenges, Binance.US has experienced executive departures.
Former CEO Brian Shroder left the crypto exchange in September, coinciding with a reduction in staff.
Interim CEO Norman Reed, a former regulator with the SEC and the former Chief Legal Officer and General Counsel of Binance.US, has been leading the company since then.
Additionally, the firm’s Chief Risk Officer, Sidney Majalya, and Head of Legal, Krishna Juvvadi, also departed in November.
Nevertheless, Binance is expected to maintain its position as the dominant global exchange, even after reaching a settlement with the U.S. Department of Justice (DOJ).
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