Binance Launches Its Exchange in Thailand

Binance, the global cryptocurrency exchange giant, has officially launched its operations in Thailand, marking a significant milestone in the Southeast Asian digital asset market. This move comes after Binance’s strategic joint venture with Gulf Energy, a leading player in Thailand’s energy sector.

The newly established Binance Thailand aims to provide a robust platform for cryptocurrency trading, leveraging the company’s global expertise and local market insights. Initially, Binance Thailand will focus on spot trading, with plans to expand its offerings in the future. The exchange features a dedicated order book for Thai baht trading pairs and offers seamless integration with local banking systems for deposits and withdrawals.

This development follows Binance‘s receipt of approval from Thailand’s Securities and Exchange Commission and the Ministry of Finance, underscoring the company’s commitment to regulatory compliance. Binance’s entry into the Thai market is set against the backdrop of a local crypto exchange market dominated by Bangkok-based Bitkub, which holds a significant market share.

Nirun Fuwattananukul, CEO of Gulf Binance, emphasized the company’s collaborative efforts with Thai regulators and its commitment to contributing to the digitization of Thailand’s economy. Richard Teng, Binance CEO, also expressed the company’s ambition to facilitate growth and foster new opportunities in the region.

Despite the popularity of crypto trading in Thailand, the use of digital assets for payments was outlawed by the government in March 2022. However, the current government has announced plans to tax overseas income from stock and crypto traders starting in January 2024.

Binance’s expansion into Thailand represents a strategic move to tap into the growing Southeast Asian cryptocurrency market. The company’s entrance is expected to intensify competition and potentially reshape the landscape of digital asset trading in the region.