Binance and Gulf open regulated cryptocurrency exchange “Binance TH” in Thailand

Partnership with major Thai companies

Gulf Binance, a joint venture between Binance and Thailand’s Gulf Innova, has launched a cryptocurrency exchange service for the general public in Thailand. It will be open to the public following an invitation-only test in November.

Binance announced that Gulf Binance, a joint venture between Binance Capital Management and a division of Gulf Energy Development, has begun full-scale operations of its cryptocurrency exchange and brokerage platform named “Binance TH.” Then he announced.

Users residing in Thailand can use the platform to buy and sell coins in currency pairs with Thailand’s legal currency, the Baht.

Regarding the background of Gulf Binance’s establishment, it received a virtual currency exchange and broker operator license from the country’s Ministry of Finance in May of last year. Additionally, in November of the same year, the service was offered to some users by invitation as an advance launch.

Binance has focused on regulatory compliance in recent years, and Gulf Binance’s CEO said at the launch: “Over the past year, we have worked closely with Thai regulators and put a lot of effort into detailed planning.” “As a result, Binance TH is now able to provide access to proven and secure technology, making a reliable and intuitive platform available to Thai users.”

As for Binance’s headquarters, it reached a settlement with the U.S. Department of the Treasury in November last year, agreeing to pay a $4.3 billion fine, and CZ, who was CEO at the time, also agreed to pay a $50 million criminal fine. I agreed and resigned as CEO. In December, the company reached a $2.7 billion fine with the U.S. Commodity Futures Trading Commission (CFTC).

connection: Global version of Binance acquires 40 million new users in one year = year-end report

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