Binance Thailand has officially opened its cryptocurrency exchange in Thailand for trading, the company said on Tuesday.
The exchange, Binance TH, is operated by Gulf Binance, a joint venture between Binance, the world’s largest crypto exchange, and Gulf Innova, an investment subsidiary of Gulf Energy Development Plc, the country’s biggest private-sector power producer.
Gulf Binance obtained approval in November from the Securities and Exchange Commission to operate a digital asset business.
Its digital asset platform plans to provide digital asset exchange and brokerage services for both cryptocurrencies and digital tokens, prioritising international standards, security and compliance with SEC regulations, Gulf Binance said earlier.
According to data from CoinGecko, total trading volume on Thai digital asset exchanges from January to October 2023 was US$116 billion, or about 4.1 trillion baht. Bitkub was the market leader with a 77% share of total turnover, the data showed.
Nine other digital asset exchanges have received business licences from the SEC. However, the regulator this week warned one of them that it is at risk of losing its licence.
The SEC has given struggling Zipmex 15 days to resolve its liquidity problem, as its capital fund is already below the regulator’s requirement.