BANGKOK - Binance, a leading global cryptocurrency exchange, has partnered with Gulf Innova, a subsidiary of Gulf Energy Development, to commence its cryptocurrency exchange services in Thailand today. The new platform is set to bolster the Thai digital finance sector by offering trading pairs with the local baht currency and streamlining transactions through integrations with local banks.
This strategic move follows Binance's acquisition of a digital asset exchange license from Thailand's Ministry of Finance in May 2023. The license was granted despite the company navigating through a series of legal challenges on a global scale.
Richard Teng of Binance highlighted the pivotal role of blockchain technology in advancing financial inclusion. He views Thailand as a burgeoning hub for digital finance, poised to enhance the country's digital infrastructure. Binance's launch in Thailand is expected to not only cater to the local market's needs but also contribute to the broader expansion of digital finance in the region.
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