In a groundbreaking move, Binance has officially launched its full-scale digital asset exchange and brokerage platform in Thailand, expanding its global footprint.
The official announcement, made via a Tuesday blog post by Binance, highlighted the platform’s accessibility following the acquisition of essential licenses from Thailand’s Ministry of Finance and subsequent approval from the Securities and Exchange Commission last May. Operated by Gulf Binance, “Binance TH” is now accessible to all eligible users.
Notably, the platform, initiated with an invitation-only phase, has transitioned into full operations, offering Thai users a seamless experience in buying and selling digital assets using the local currency. One of the key features of the Binance TH platform is its dedicated order book tailored for Thai baht (THB) trading pairs. This integration not only facilitates smooth transactions with the local currency but also enhances the overall trading experience for users.
Moreover, the platform is linked with Binance Kazakhstan, a regulated digital asset exchange supervised by the Astana Financial Services Authority, providing users access to digital asset brokerage services.
Nirun Phuwattananukul, CEO of Gulf Binance, expressed gratitude and excitement about the launch, underscoring the collaborative effort with Thai regulators to ensure a secure and innovative platform. He further emphasized the commitment to providing access to proven and secure technology, fostering trust among Thai users, and stimulating innovation within the local blockchain community.
On the other hand, Binance CEO Richard Teng echoed this sentiment, viewing Thailand as a crucial player in the global digital finance landscape.
“Blockchain technology and digital assets carry the power to bring about financial inclusion. With this technology in hand, we aim to be part of the community that digitizes Thailand’s economy, facilitating growth and fostering new opportunities,” said Teng.
With its accreditation from Thailand’s Securities and Exchange Commission, Binance TH is poised to be a beacon of innovation in the country’s crypto landscape. Moreover, the launch aligns with Thailand’s economic development plan, Thailand 4.0, emphasizing digitalization and innovation to drive economic growth.
Furthermore, the impact of Binance TH’s entry is particularly noteworthy in the Thai cryptocurrency exchange market, which presently sees Bitkub as its dominant player. Headquartered in Bangkok, Bitkub commands an impressive 77% market share, with daily trading volumes reaching approximately $30 million.
That said, it shall be recalled that, despite the thriving crypto trading scene in Thailand, the former military-backed government banned digital asset payments in March 2022. In a notable turn of events in September, the new government announced plans to tax overseas earnings from stock and cryptocurrency trading, effective January 2024.