Binance has marked a significant milestone in its expansion strategy by opening its Thailand exchange to the general public. The move is poised to disrupt the local crypto exchange market, currently dominated by Bitkub, a prominent player based in Bangkok. After securing approval from the local Securities and Exchange Commission (SEC), Binance TH is now welcoming all eligible users to engage in spot trading with Thai baht trading pairs.
Binance Thailand’s Entry into the Thai Market
Binance TH, the Thai arm of the global crypto exchange, has officially opened its doors to the public, introducing a dedicated order book tailored for Thai baht trading pairs. The exchange allows users to seamlessly deposit and withdraw local currency through integration with domestic banking systems. Despite currently offering spot trading exclusively, a Binance spokesperson hinted at ambitious long-term plans, with ongoing efforts to collaborate closely with regulators for approvals on additional services.
Two months ago, Binance received the green light from the SEC to commence operations in Thailand, initially adopting an “invitation-only” approach. The platform, operated by Gulf Binance—a joint venture between Binance Capital Management and Gulf Innova, a subsidiary of Thai energy giant Gulf Energy—has been diligently working with regulators over the past year, emphasizing detailed planning to ensure compliance.
Read more: How to Withdraw from Binance – Beginner’s Guide
Market Landscape and Challenges
Binance TH faces stiff competition from Bitkub, which commands a substantial 77% of the market share in Thailand, according to HashKey. Bitkub boasts a daily trading volume of approximately $30 million, with the Thai baht and Tether (USDT) pair dominating the platform. While other exchanges like Upbit, Bitazza, and Zipmex also have a presence in Thailand, Zipmex suspended trading in November due to regulatory pressure.
Foreign investors seeking to engage with Binance TH will encounter a hurdle, as the platform currently requires a Thai National Digital ID for Know Your Customer procedures. Despite this limitation, Binance’s CEO, Richard Teng, expressed the company’s goal to be an integral part of digitizing Thailand’s economy, fostering growth, and creating new opportunities within the community.
Conclusion
Binance’s entry into Thailand’s crypto market marks a pivotal moment in the global exchange’s expansion strategy. With Bitkub currently holding a dominant position, the competition is set to intensify. Binance TH’s commitment to working closely with regulators and its long-term plans for additional services demonstrate the exchange’s determination to establish itself as a key player in Thailand’s evolving crypto landscape. As the crypto industry in Thailand continues to flourish, Binance’s presence is expected to contribute to the ongoing digitization of the economy, presenting new possibilities for growth and innovation within the community.
