Binance, the world’s largest cryptocurrency exchange, announced on the 16th (local time) that it has opened a cryptocurrency exchange in Thailand.
According to media such as Nikkei Asia, Binance will start its official cryptocurrency transaction service on this day through Gulf Energy Development, a joint venture with Thailand largest private power company.
“It is possible to make cryptocurrency transactions through local currency THB in Gulf and Binance,” Binance said in a blog post. “The opening of the exchange will bring about changes in the Thai financial market and contribute to the digitalization of the economy.” The service is only available to Thais.
Binance established a joint venture with Gulf Energy Development in 2022 for cryptocurrency trading services in Thailand and applied for approval for a license for a cryptocurrency trading platform in Thailand. According to Nihon Keizai, Gulf and Binance obtained a license to operate cryptocurrency transactions from Thai authorities in May last year.
The Thai cryptocurrency holding rate is about 20%, which is higher than that of the United States and Japan. The Thai government prohibits the use of cryptocurrency for payment of goods or services, but allows cryptocurrency transactions for investment purposes.
“Thailand is an environment where it is easy to distribute cryptocurrency,” Nihon Keizai said. “In November last year, the private financial giant of Thailand announced the acquisition of Satan Corporation, a large domestic exchange, and companies are making inroads into the cryptocurrency market.”
