16-1-2024 (BANGKOK) Binance Thailand has officially inaugurated its cryptocurrency exchange for trading in Thailand, as announced by the company on Tuesday. Operated under the name Binance TH, the exchange is managed by Gulf Binance, a collaborative effort between Binance, the world’s largest cryptocurrency exchange, and Gulf Innova, an investment subsidiary of Gulf Energy Development Plc, Thailand’s most prominent private-sector power producer.
Gulf Binance secured approval from the Securities and Exchange Commission (SEC) in November to engage in digital asset business operations. The digital asset platform, Binance TH, aims to deliver exchange and brokerage services for both cryptocurrencies and digital tokens. The emphasis is on adhering to international standards, prioritizing security, and complying with SEC regulations.
CoinGecko data reveals that the total trading volume on Thai digital asset exchanges reached $116 billion, approximately 4.1 trillion baht, from January to October 2023. Bitkub emerged as the market leader, capturing a 77% share of the total turnover during this period.
While nine other digital asset exchanges have obtained business licenses from the SEC, the regulator recently issued a warning to Zipmex, indicating a potential risk of losing its license. The SEC has granted Zipmex 15 days to address its liquidity problem, given that its capital fund has fallen below the regulatory requirement.
