Binance, a leading global cryptocurrency exchange, has officially launched its services to the public in Thailand, potentially disrupting the local crypto exchange market currently dominated by Bangkok-based Bitkub.
As of January 16, Binance TH announced that its platform is now accessible to all eligible users, featuring a specialized order book for Thai baht trading pairs. The platform also offers seamless integration with domestic banking systems for local currency deposits and withdrawals.
A Binance spokesperson, in conversation with Cointelegraph, mentioned that initially, the services will be limited to spot trading. However, the company has broader aspirations for Binance TH and is actively engaging with regulators to expand its offerings.
This development follows Binance’s receipt of approval from Thailand’s Securities and Exchange Commission (SEC) two months prior, initially launching on an invitation-only basis with plans for a public opening in 2024. Binance had first revealed its intentions to establish a Thai crypto exchange in May 2023 and subsequently obtained a digital asset exchange and brokerage operator license from Thailand’s Ministry of Finance.
Gulf Binance, a joint venture between Binance Capital Management and Gulf Innova (a subsidiary of Thai energy conglomerate Gulf Energy), operates the exchange.
Binance’s entry into Thailand challenges the dominance of Bitkub, which holds approximately 77% of the market share and records a daily volume of around $30 million. The Thai baht and Tether (USDT) pairing is particularly popular on Bitkub’s platform.
Other players in the Thai market include Upbit, which launched in 2021, as well as Bitazza and Zipmex. However, Zipmex faced operational challenges in November due to regulatory pressures.
Gulf Binance CEO Nirun Fuwattananukul highlighted the company’s extensive collaboration with Thai regulators and detailed planning efforts. Binance CEO Richard Teng expressed the company’s goal to contribute to digitizing Thailand’s economy and fostering growth and new opportunities.
However, Binance TH currently restricts access to foreign residents in Thailand, as a Thai National Digital ID is required for completing Know Your Customer (KYC) procedures.
Cryptocurrency trading remains popular in Thailand, despite the country’s decision to prohibit the use of digital assets for payments in March 2022. The Thai government announced in September 2023 plans to tax overseas income, including from stock and crypto trading, starting in January 2024.
On January 15, Binance released its “Themes for 2024” report, identifying key growth areas such as the Bitcoin ecosystem, ownership economy applications, artificial intelligence, real-world assets, on-chain liquidity, and institutional adoption.
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