Binance Enhances International Presence with Launch of Cryptocurrency Exchange in Thailand – ZyCrypto News

Binance has made waves with its launch of a comprehensive digital asset exchange and brokerage service in Thailand, marking an important expansion in its global presence.

Binance announced on a recent Tuesday via a blog post that it has secured the necessary permissions from the Thai Ministry of Finance and the endorsement of the Securities and Exchange Commission of Thailand since May. Gulf Binance is at the helm of the new “Binance TH,” now open to all qualified participants.

The platform, which began with a limited, invite-only phase, now offers full trading capabilities, enabling Thai patrons to purchase and sell digital currencies effortlessly using Thai Baht. “Binance TH” boasts a custom-built order book exclusive to Thai baht trading pairs, easing trades in local currency and improving user trading experiences significantly.

This platform is also connected to Binance Kazakhstan, a digital asset exchange licensed by the Astana Financial Services Authority, broadening the range of digital asset brokerage services offered to clients.

Nirun Phuwattananukul, CEO of Gulf Binance, spoke of the launch with enthusiasm, appreciating the cooperation with Thai regulators to bring forth a secure, state-of-the-art option for traders. His message highlighted the dedication to providing reliable, secure technology to facilitate confidence and innovation in the Thai blockchain sector.

Binance’s CEO Richard Teng also shared this outlook, identifying Thailand as a pivotal contributor to the international digital finance arena.

“The advent of blockchain and digital currencies holds the promise of widespread financial inclusivity. Harnessing these technologies, we are driven to help transform Thailand’s financial ecosystem, promoting expansive growth and nurturing new prospects,” Teng articulated.

Fully accredited by Thailand’s SEC, “Binance TH” sets out to pioneer the nation’s cryptocurrency innovation wave, in line with Thailand 4.0, the government’s initiative focused on modernization and inventive advancement to stimulate economic progression.

Notably, as Binance TH enters the local market, it encounters Bitkub, Bangkok’s leading exchange with a commanding 77% market share and daily trading volumes nearing $30 million.

It is worth revisiting that despite the booming nature of crypto activity in Thailand, the prior government, backed by the military, implemented a prohibition on cryptocurrency payments in March 2022. However, in a striking policy shift, the subsequent administration announced its intention to tax foreign stock and cryptocurrency revenues starting January 2024.