On Tuesday, Binance Thailand officially inaugurated its cryptocurrency exchange for trading activities, marking a significant development for the company.

The exchange, known as Gulf Binance, stands as a collaborative effort between Binance and Thailand’s Gulf Innova. This platform is designed to function as both an exchange and brokerage service, facilitating the buying and selling of digital assets with local currency pairings, as highlighted in an official statement.

Having secured approval from Thailand’s finance ministry in May 2023, Gulf Binance has obtained the necessary license to operate and provide digital asset exchange services in the region.

This launch adds to the growing list of cryptocurrency exchanges emerging in Southeast Asia, where industry players like Coinbase, Zipmex, and Gemini have already established their presence. The move underscores the increasing interest and development within the cryptocurrency landscape in the region.