Binance, a global leader in cryptocurrency exchange, has officially opened its doors to the general public in Thailand, marking a significant step in its expansion into the Thai market. This move introduces a new dynamic in Thailand’s crypto exchange landscape, which has been predominantly led by the Bangkok-based Bitkub.
As per a statement released on Jan. 16, Binance Thailand (Binance TH) will now be accessible to all eligible users. The platform is introducing a dedicated order book for trading pairs in Thai baht, along with seamless integration with local banking systems for easy deposit and withdrawal of the local currency.
A spokesperson from Binance told that, for now, the focus will be solely on spot trading, although the company harbors broader ambitions for Binance TH. These plans are being pursued in close coordination with Thai regulators, seeking necessary approvals for expanding their services.
This public launch follows Binance’s initial “invitation only” phase, which began two months after receiving the green light from Thailand’s Securities and Exchange Commission. The exchange had first announced its intentions to enter the Thai market in May 2023 and subsequently obtained a digital asset exchange and brokerage operator license from Thailand’s Ministry of Finance.
Binance TH is a joint venture between Binance Capital Management and Gulf Innova, a subsidiary of Thai energy conglomerate Gulf Energy.
Binance’s entry into Thailand poses a challenge to Bitkub, which currently holds approximately 77% of the local market share, with a daily volume of around $30 million. Bitkub’s most active trading pair involves the Thai baht and Tether.
The Thai crypto market also includes other players like Upbit, Bitazza, and Zipmex, though Zipmex halted trading in November due to regulatory issues.
Gulf Binance CEO Nirun Fuwattananukul emphasized the meticulous planning and regulatory collaboration involved in setting up Binance TH. Binance CEO Richard Teng expressed the company’s commitment to contributing to Thailand’s digital economy growth.
Notably, Binance TH requires a Thai National Digital ID for Know Your Customer procedures, making it inaccessible to foreign residents in Thailand.
The Thai government remains active in regulating the crypto space, with plans to tax overseas income from stock and crypto trading starting in January 2024. Moreover, Binance’s recent “themes for 2024” report points to significant areas of growth in the crypto sector, including Bitcoin ecosystem developments, AI integration, and increased institutional adoption.