Binance and Gulf Innova, a subsidiary of Gulf Energy Development, said that their joint venture crypto exchange Binance Thailand is now open for trading.

“We are deeply humbled to finally announce the launch of our local platform to the general public in Thailand. Over the past year, we have been working closely with Thai regulators, putting substantial effort into detailed planning,” Nirun Fuwattananukul, CEO of Gulf Binance, said in a statement.

Binance TH offers digital asset exchange services with Thai baht trading pairs and integrates with local banks in Thailand while also partnering with Binance Kazakhstan for brokerage services under the supervision of Thailand’s SEC, the company said in a release.

“With the full operation of Binance TH by our Thai joint venture to the general public in Thailand, we will uphold our unwavering commitment to security, transparency, and service quality. Blockchain technology and digital assets carry the power to bring about financial inclusion," Richard Teng, CEO of Binance, added in a release. “This is a strategic step forward, setting the stage for Thailand’s impending role as a key player in the global digital finance landscape.”

The exchange secured a license from Thailand’s Ministry of Finance to establish a regulated crypto exchange and broker in May of last year, CoinDesk previously reported.

Binance first announced the joint venture in January 2022.