# Binance and Gulf Innova Crypto Exchange start trading operations in Thailand

- Link: https://www.thailand-business-news.com/banking/122373-binance-and-gulf-innova-crypto-exchange-start-trading-operations-in-thailand
- Published: 2024-01-16T14:03:38+07:00
- Author: Li Zhong

Binance, a global cryptocurrency exchange, has officially opened to the public in
Thailand, introducing a dedicated order book for Thai baht trading pairs.

Binance has officially opened its cryptocurrency exchange in Thailand, challenging
the dominance of local exchange Bitkub.

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[Binance’s joint venture partner, Gulf Energy Development](https://www.thailand-business-news.com/banking/112197-binance-partners-with-gulf-energy-to-launch-digital-asset-exchange-in-thailand),
has received approval from [Thailand’s Securities and Exchange Commission](https://www.sec.or.th/TH/Template3/SECStatement/2567/SECstatementTH-160167.pdf)
to begin operations. The platform will provide exchange and brokerage services for
cryptocurrencies and digital tokens.

Despite regulatory challenges, Binance is committed to being part of the digitization
of Thailand’s economy and fostering new opportunities in the crypto market.

The exchange, operated by Gulf Binance, aims to expand its services beyond spot 
trading in the long term. This move comes after Binance received approval from the
local Securities and Exchange Commission.

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Despite the dominance of existing player Bitkub in the market, Binance aims to contribute
to Thailand’s digital economy. However, the government has outlawed using digital
assets for payments, and plans to tax overseas income from stock and crypto traders
starting in 2024.

Binance aims to obtain regulatory approval for additional services beyond spot trading
in the long term.